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Thursday, January 19, 2006
Ramos: Keep investors from leaving former US bases
By Dante M. Fabian
* Ex-President wants RA 7227 amended
* Strong lobby to make Clark economic destinations pushed
* Laws to keep investors from leaving former US bases should be enacted, Ramos says
CLARK ECOZONE - Former President Fidel V. Ramos recently assured his support to the amendment of Republic Act 7227 or the Bases Conversion Law, as he stressed its importance in keeping investors from pulling-out their multimillion-dollar investments from the special economic zone.
Members of the Clark Investors and Locators Association (Cila) said Ramos, who visited the newly-reopened Clark Expo last Friday, called on lawmakers to pass bills that would ensure tax and duty free privileges for local and foreign investors.
During his incumbency as the country's president, Ramos designated Clark as the future premier international gateway of the Philippines.
Ramos reiterated this hope as he joined multi-sectoral groups and Clark stakeholders in calling for the adoption of remedial measures to keep tax and duty free privileges.
Clark stakeholders - officials of Clark Development Corp., Clark Investors and Locators Association, local chief executives, among others - had earlier called on Congress to pass House Bills 4900 and 4901, which provide tax incentives and amnesty to locators of Clark and Camp John Hay.
In particular, Ramos cited the need to amend Republic Act 7227 (RA) or the Bases Conversion Development Act which grants said privileges for locators in CSEZ, Subic, and Camp John Hay.
The office of Antonio R. Ng, Clark Development Corporation (CDC) president and chief executive officer (CEO), reported that Clark SEZ has a total of 376 locators with actual investments of P23.2 billion based on the audited financial statements submitted by locators.
Ramos said both the House of Representatives and the Senate should enact laws that would keep investors from abandoning former military bases.
"There should be strong lobby with Congressmen to make Clark, Subic and Camp John Hay as economic destinations," locators quoted Ramos as saying.
Cila members, together with Ng and other CDC officials and leaders of local governments in the Metro Clark Area have pressed Congress and Senate for the passage of bills that would institute the granting of tax-exemptions and duty free privileges of locators.
Cila members raised apprehensions of financial difficulties and anticipated closures of operations as the Supreme Court nullified last year the tax perks and other incentives enjoyed by locators and investors inside Clark and Camp John Hay in Baguio City.
(January 19, 2006 issue)
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