Cotabato City: The Polloc Freeport and Ecozone in Maguindanao hit a new record high in revenues with a net income of almost P19 million within the first seven months of the year.
The figure is 33.5 percent higher than its total income in 2015 of P12.6 million.
Eshan Mabang, Polloc port manager, said various inbound and outbound cargos were shifted to the Polloc freeport in Parang, Maguindanao, because of improved trust of different locator companies and investors in the Autonomous Region in Muslim Mindanao (ARMM) government.
“The transparency, good governance and the peace and order condition made the investors trust more in the ARMM to import various cargos,” he noted.
Mabang said the improved performance of Polloc freeport contributes to the increase in the overall tax and revenue collections of the ARMM’s Office of the Regional Treasury (ORT).
Part of the port’s income, according too him, goes to the development of its facilities.
A total of 377,070.22 metric tons of inbound and outbound cargos were shipped to and from the port from January to July this year.
Last year’s cargos reached 492,196.44 metric tons, the highest since 2013.
Top inbound shipments include yellow corn, cement, machinery, plant equipment, iron/steel, rolling cargos and non-prime commodities.
Top outbound cargos include corn starch, corn gluten feeds, corn gluten meal, corn germ, river sand, rolling cargoes, cement, plywood and heavy equipment.
The cargos were imported through 173 domestic vessels and 14 foreign vessels.
Mabang said the international cargo ships from Vietnam, China and Thailand that the port received this year transported cement, heavy equipment and yellow corn.
He added that they “encourage more firms to locate in our port” to avail of the competitive advantage it gives.
The ARMM and the Bureau of Customs have a standing agreement, signed in November last year, granting investors in the region duty-free importation of materials and equipment.
The agreement allows locators or investors registered under ARMM’s Regional Board of Investments (RBOI-ARMM) and other economic investors to enjoy duty-free importation of capital equipment, breeding stocks, generic materials, import construction materials and office equipment.
These locators are also entitled to avail of other tax incentives both from the regional government and the local government units concerned.