6:32 PM
MIS Capitol Bataan
MARIVELES, Bataan -- Thirty-three newly appointed Philippine ambassadors and officials of the Department of Foreign Affairs (DFA) recently visited this town as part of their plan to promote the Freeport Area of Bataan (FAB) in various parts of the world.
Representative Albert Garcia of the 2nd District of Bataan and FAB chairman and administrator Deogracias G.P. Custodio welcomed the ambassadors and DFA delegates to the FAB as part of their exposure activities and economic relations program.
Custodio said the main purpose of the delegates’ visit is to introduce this Freeport’s potential to prospective foreign investors.
“We aim to promote and transform the FAB as the Freeport of Choice by 2020,” Custodio said as he briefed the visiting delegates.
“We have implemented several infrastructure and systems changes, adopting some of the best international practices, to ensure that we succeed within the timeframe that we have given ourselves,” he said.
The FAB official explained the competitive edge of the Freeport, such as various incentives to investors that include a four-year income tax holiday that can be extended up to eight years, exemption from duties and taxes on imported capital equipment, spare parts, other supplies and raw materials, and exemption from wharfage dues, export taxes, imposts and fees.
“The IOSS (Immigration One Stop Shop) being provided to our investors is a joint project of the FAB and the Bureau of Immigration to serve and assist foreign locators,” he said.
He said locators also receive revenue incentives in the form of domestic sales allowances of up to 30 percent of total sales.
Foreign investors and their immediate family members can also enjoy permanent resident status and, as such, be allowed tax-free importation of personal equipment for use within the Freeport, he added.
Undersecretary Antonio Rodriguez, who heads the DFA’s Office for International Economic Relations, expressed his appreciation the FAB officials.
Rodriguez urged the Philippine Ambassadors and DFA officials to impart the competitive advantages of the FAB here and abroad.
Representative Albert Garcia of the 2nd District of Bataan and FAB chairman and administrator Deogracias G.P. Custodio welcomed the ambassadors and DFA delegates to the FAB as part of their exposure activities and economic relations program.
Custodio said the main purpose of the delegates’ visit is to introduce this Freeport’s potential to prospective foreign investors.
“We aim to promote and transform the FAB as the Freeport of Choice by 2020,” Custodio said as he briefed the visiting delegates.
“We have implemented several infrastructure and systems changes, adopting some of the best international practices, to ensure that we succeed within the timeframe that we have given ourselves,” he said.
The FAB official explained the competitive edge of the Freeport, such as various incentives to investors that include a four-year income tax holiday that can be extended up to eight years, exemption from duties and taxes on imported capital equipment, spare parts, other supplies and raw materials, and exemption from wharfage dues, export taxes, imposts and fees.
“The IOSS (Immigration One Stop Shop) being provided to our investors is a joint project of the FAB and the Bureau of Immigration to serve and assist foreign locators,” he said.
He said locators also receive revenue incentives in the form of domestic sales allowances of up to 30 percent of total sales.
Foreign investors and their immediate family members can also enjoy permanent resident status and, as such, be allowed tax-free importation of personal equipment for use within the Freeport, he added.
Undersecretary Antonio Rodriguez, who heads the DFA’s Office for International Economic Relations, expressed his appreciation the FAB officials.
Rodriguez urged the Philippine Ambassadors and DFA officials to impart the competitive advantages of the FAB here and abroad.
Source: http://www.sunstar.com.ph/pampanga/local-news/2011/06/30/ambassadors-dfa-execs-vow-promote-bataan-freeport-abroad-164202
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