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The Subic Bay Metropolitan Authority (SBMA) will now offer rent-free
locations to Taiwanese companies engaged in high-technology
ventures.
Armand Arreza, SBMA administrator, said the
incentive was agreed upon during the joint economic conference
between Taiwan and the Philippines last week.
During the conference, Philippine officials led
by Trade Undersecretary Thomas Aquino also forged an agreement with
Taiwanese counterparts to grant Taiwanese manufacturers in Subic and
the nearby Clark Freeport reduced tariffs under the Asean Free-Trade
Area’s common effective preferential tariff scheme.
Under the agreement, the Taiwanese experts will
also be sent to the country to assist in training integrated circuit
designers.
The rent-free incentive, which will apply within
the Subic and Clark free ports, will be good for three to five years
and will cover firms that will each commit a minimum investment of
$25 million.
Arreza said the inducement was meant to spur the
entry of more high-technology firms in a bid to put up the
country’s technological capability at par with major Asian
economies.
“We’ve been pushing to attract companies in
information and communication technology, software design,
biotechnology and the like, and this new incentive is a concrete
manifestation of our intentions to build our capabilities and be
globally-competitive,” he said.
According to Taiwan’s Ministry of Economic
Affairs, there are now 79 Taiwanese firms in Subic, with total
investment commitments worth $780 million. In Clark, eight Taiwanese
companies have put up ventures worth $360 million.
Taiwanese are the second biggest investor group
in Subic in terms of investment value, while Korean firms, boosted
by the $1.6-billion shipyard project of Hanjin Heavy Industries
Corp. came in first.
Arreza said that with the new rent-free
incentive, the SBMA expects to realize its long-term
“Cyber-Subic” program, which focuses on developing ICT
facilities in Subic and roping in investors in the so-called
knowledge industries.
He said that the agency has already reserved
locations for ICT industrial clusters in coordination with the Subic
Bay Development and Management Corp., owner of the industrial park
where most Taiwanese firms at the Freeport are now located.
-- Katrina Mennen A. Valdez
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