Palace orders expansion of Subic free port zone
PRESIDENT Arroyo has ordered the Subic free port expanded to make room for investors seeking to take advantage of its duty-free status.
“There has been a shortage of areas for lease to investors who intend to avail themselves of the tax- and duty-free incentives [within the zone],” Mrs. Arroyo said as she signed Executive Order 675 for the port’s expansion.
“Extending the area of coverage… will entice more local and foreign investors to set up business [there].”
Mrs. Arroyo said the tax- and duty-free privilege within the port applied within the secured area consisting of the fenced-in former Subic Naval Base and other areas that may be added to it by the Subic Bay Metropolitan Authority.
Residents and foreign tourists would be allowed to buy goods within the expanded zone provided the goods were consumed there, she said.
She ordered the SBMA and Customs to adopt more measures to prevent smuggling within the port and to make sure the companies operating within had a control system set up at their own expense to account for imports and sales.
“The removal of raw materials, capital goods, equipment and consumer items out of the secured area for sale to non-registered enterprises shall be subject to the usual taxes and duties,” she said.
SBMA Administrator Armand Arreza said he had already met with Bataan Gov. Enrique Garcia, Olongapo Mayor James Gordon Jr., Olongapo Vice Mayor Cynthia Cajudo, Castillejos Mayor Wilma Billman, and San Marcelino Mayor Joker Rodriguez to discuss the economic opportunities arising from the expansion of the free port.
“We acknowledged both the challenges and opportunities that EO 675 brings us, and we concluded that we should synergize, lest we all stagnate,” he said.
“We welcome EO 675 because it will maximize the tax- and duty-free privileges of the Subic Freeport Zone so that more investments would come into the zone,” Subic’s municipal secretary Dick Otero said.
“There has been a shortage of areas for lease to investors who intend to avail themselves of the tax- and duty-free incentives [within the zone],” Mrs. Arroyo said as she signed Executive Order 675 for the port’s expansion.
“Extending the area of coverage… will entice more local and foreign investors to set up business [there].”
Mrs. Arroyo said the tax- and duty-free privilege within the port applied within the secured area consisting of the fenced-in former Subic Naval Base and other areas that may be added to it by the Subic Bay Metropolitan Authority.
Residents and foreign tourists would be allowed to buy goods within the expanded zone provided the goods were consumed there, she said.
She ordered the SBMA and Customs to adopt more measures to prevent smuggling within the port and to make sure the companies operating within had a control system set up at their own expense to account for imports and sales.
“The removal of raw materials, capital goods, equipment and consumer items out of the secured area for sale to non-registered enterprises shall be subject to the usual taxes and duties,” she said.
SBMA Administrator Armand Arreza said he had already met with Bataan Gov. Enrique Garcia, Olongapo Mayor James Gordon Jr., Olongapo Vice Mayor Cynthia Cajudo, Castillejos Mayor Wilma Billman, and San Marcelino Mayor Joker Rodriguez to discuss the economic opportunities arising from the expansion of the free port.
“We acknowledged both the challenges and opportunities that EO 675 brings us, and we concluded that we should synergize, lest we all stagnate,” he said.
“We welcome EO 675 because it will maximize the tax- and duty-free privileges of the Subic Freeport Zone so that more investments would come into the zone,” Subic’s municipal secretary Dick Otero said.
Joyce Pangco Pañares
posted by Olongapo Subic at
7:43 AM
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