The Philippine Presidential Palace’s Malaccan Palace announced that new importers and manufacturers operating in special economic zones and free ports can enjoy a five-year zero-tariff preference when they import capital instruments, parts and accessories.
The Presidential Palace of the Philippines, Malakanna Palace, announced that new importers and manufacturers operating in special economic zones and free ports could enjoy a five-year zero-tariff preference when importing capital instruments, parts and accessories. President of the Manchurian Civil Government (Paquito N. Ochoa Jr.) issued a statement today saying that President Aquino III signed Executive Order No. 70 on March 29th and provided zero-tariff preferential treatment provided by Executive Order No. 528 of 2006. , extend for another 5 years.
According to Executive Order No. 528 signed by the Philippine government in 2006, new arrivals settled in Special Economic Zones and Freeports certified by the Board of Investment (BOI), or manufacturers that are expanding their business, when importing capital instruments, parts and accessories , Enjoy 5 years of zero-tariff benefits. However, the administrative order No. 528 was valid for only five years, and the new investment decree had yet to be passed. Therefore, Aquino III signed Executive Order No. 70 to extend the zero-tariff concession period.
According to regulations, capital instruments required by overseas investors, such as non-operating essential equipment, or production in the Philippines, are not included in the concession; instruments imported with zero-tariffs cannot be sold, resold, or discarded within five years. Offenders will Pay a fine of 2 times the tariff. Ochoa said that the extension of the zero-tariff preference for Malacañang will help reduce the costs of overseas investment companies when they start or expand their businesses, and thus increase the competitiveness of the Philippines for overseas direct investment. According to the data from the Philippine Economic Zone Authority (PEZA) as of the end of January, there are currently 53 Taiwanese companies operating within the special zones. Subic Bay is a free port and is not affiliated with PEZA. There are currently about 50 Taiwan-funded companies.
The Presidential Palace of the Philippines, Malakanna Palace, announced that new importers and manufacturers operating in special economic zones and free ports could enjoy a five-year zero-tariff preference when importing capital instruments, parts and accessories. President of the Manchurian Civil Government (Paquito N. Ochoa Jr.) issued a statement today saying that President Aquino III signed Executive Order No. 70 on March 29th and provided zero-tariff preferential treatment provided by Executive Order No. 528 of 2006. , extend for another 5 years.
According to Executive Order No. 528 signed by the Philippine government in 2006, new arrivals settled in Special Economic Zones and Freeports certified by the Board of Investment (BOI), or manufacturers that are expanding their business, when importing capital instruments, parts and accessories , Enjoy 5 years of zero-tariff benefits. However, the administrative order No. 528 was valid for only five years, and the new investment decree had yet to be passed. Therefore, Aquino III signed Executive Order No. 70 to extend the zero-tariff concession period.
According to regulations, capital instruments required by overseas investors, such as non-operating essential equipment, or production in the Philippines, are not included in the concession; instruments imported with zero-tariffs cannot be sold, resold, or discarded within five years. Offenders will Pay a fine of 2 times the tariff. Ochoa said that the extension of the zero-tariff preference for Malacañang will help reduce the costs of overseas investment companies when they start or expand their businesses, and thus increase the competitiveness of the Philippines for overseas direct investment. According to the data from the Philippine Economic Zone Authority (PEZA) as of the end of January, there are currently 53 Taiwanese companies operating within the special zones. Subic Bay is a free port and is not affiliated with PEZA. There are currently about 50 Taiwan-funded companies.
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