By HENRY EMPEÑO

SUBIC BAY FREEPORT — Business locators in this free port will now benefit from a streamlined permitting system, as the Subic Bay Metropolitan Authority (SBMA) extended the validity of business registrations here from one to three years.

SBMA Chairman and Administrator Wilma T. Eisma said the streamlining aims to further promote the business-friendly atmosphere in Subic and, at the same time, boost government efforts on transparency.

Eisma released last week the first batch of new Certificates of Registration and Tax Exemption (CRTEs) that are valid for three years, and cited the agency’s efforts to streamline business processes to better serve the needs of business locators.

Among those who received the three-year CRTEs from are Dongyang Food Machinery Philippines Corp.; Johnson Controls-Hitachi Air Conditioning Philippines Inc.; Juken Sangyo (Phils.) Corp.; and UPower Building Corporation.

Eisma said that her administration’s drive for a more investor-friendly climate in Subic is in keeping with President Duterte’s orders for transparency and good governance.

“We want to make life easy for our investors, and the SBMA will continuously work towards improving its system,” she pointed out.

Eisma’s office had also taken over the approval and release of CRTEs to further speed up the issuance of this important business document.

The SBMA Board of Directors approved the three-year CRTE scheme on January 26 this year, and on February 29 a public hearing was held to gain acceptance by stakeholders. Last month, the approved measure was formally announcement for implementation.

Kenneth Rementilla, SBMA Deputy Administrator for Business and Investments, explained that business registrations were previously renewed annually. But under the new system, businesses with lease terms of more than three years can avail of a three-year registration, or opt for an annual renewal.

Rementilla added that business locators in Subic would only have to pay a final tax of 5 percent of the gross income earned (GIE), as required by law. Among the benefits they enjoy are waived value-added tax, ad valorem and excise tax on internal revenue taxes, customs and import duties, and national revenue taxes.

 

TOP PHOTO:  SBMA Chairman and Administrator Wilma T. Eisma (3rd from right) joins officials of Subic Freeport companies after handing over to them the first batch of 3-year registration certificates for business locators. (JUN DUMAGUING)