MANILA, Philippines – A Department of Finance (DOF) Resolution that dealt with the exclusivity of incentives has delayed more than P3 billion worth of investments from three different Japanese semiconductor firms.
In an interview, Board of Investments (BOI) executive director Lucita P. Reyes said Section 12 of DOF Circular 3-08 deals with the exclusivity of incentives.
Department Order 3-08 was issued on February 2008 as implementing rules and regulations for RA 9400 also known as The Bases Conversion and Development Act. Section 12 of the Department Order contains a critical condition, stating “Exclusivity of Incentives” where the order prescribes “No double enjoyment of the same or similar Incentives”
Reyes said that the law is silent on availing multiple incentives. However, the Implementing Rules and Regulations (IRR) of the said circular prevents firms from receiving multiple incentives.
Reyes said that Nidec Corp. has put on hold their P3 billion worth of expansion project in Clark. Likewise, Widus and Nanox said they will not expand their current operations here until the matter has been resolved.
Reyes said the issue has been pending before the DOF since the time of then Secretary Margarito Teves. She said the past administration opted not to do anything about it since their term was about to expire. Current Finance chief Cesar V. Purisima still has no comment on the issue.
Earlier, the Joint Foreign Chambers of the Philippines (JFC) wrote to the DOF regarding the circular. JFC asked DOF to delete section 12.
“Since foreign investors believe investments should be for the long term, they plan steps to expand their operations. But if the referred Department Order impedes granting an ITH, potential investors may regard CSEZ and CFZ as unacceptable for future investments,” the group said.
In case an enterprise, operating in an export zone, is going to expand its operations, the enterprise cannot enjoy income tax holiday (ITH) due to the referred Department Order, the JFC said. –Ma. Elisa P. Osorio (The Philippine Star)
Nov 16 – International Day for Tolerance
“No more toleration of corruption!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
November
Nov 2 – Intl Day to End Impunity for
Crimes Against Journalists
Nov 9 – World Science Day for Peace
and Development
Nov 16 – International Day for Tolerance
Nov 19 – World Toilet Day
Nov 20 – World Children’s Day
Nov 25 – Intl Day for the Elimination of
Violence Against Women
Monthly Observances:
Homes Safety Month
Filipino Values Month
National Rice Awareness Month
National Consciousness Month
for Punctuality and Civility
Environmental Awareness Month
National Children’s Month
Organic Agriculture Month
Weekly Observances:
Nov 19-25: Global Warming and
Climate Change Consciousness Week
Nov 23-29: National Girls’ Week
Population and Development Week
Nov 25 – Dec 12: Social Welfare Week
18-Day Campaign to End
Violence against Women
Week 2: Week 3: Drug Abuse Prevention
and Control Week
Last Week: Safety and Accident
Prevention Week
Daily Observances:
Last Saturday: Career Executive Service
Day
Nov 19: National Child Health Day
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
