Philippines helps local shipbuilders

The Subic Bay Metropolitan Authority (SBMA) in the Philippines has plans to create a 124-acre maritime park that offers tax incentives to local shipbuilders. The facility is aimed at boosting the country’s local shipbuilding industry.

SBMA chairman Feliciano G. Salonga said the incentives include affordable rental schemes, tax and duty-free importation bundled with a 5% corporate tax on gross income, unrestricted entry of foreign investments, no foreign exchange control and four-to-five-year income tax holidays for investors.

He said the 124-acre center would form part of a much larger Subic Bay Maritime Industrial Park. The SBMA is currently undertaking a feasibility study to determine the extent of the project’s cost. SBMA will also make use of the so-called Synchrolift system that will allow the raising and lowering of vessels in and out of the water for dry-docking. Use of the existing system will be offered for short- and long-term rental with low-cost terms.