DAVAO CITY (MindaNews / 11 Nov) – As hundreds of investors, farmers and other stakeholders in the rubber industry gathered here for the 2nd Philippine Rubber Investment and Market Encounter (PRIME), officials of the Autonomous Region in Muslim Mindanao (ARMM) did not only showcase what they had in promoting the industry but also offered investors hard to decline tax-free incentives.
ARMM Trade and Industry Secretary Sakiran Hajan, who is also chairman of the board of the Regional Economic Zone Authority (REZA), highlighted the investment incentives during his talk on investment priority areas and logistics.
He said the incentives include exemption from duties and taxes on merchandise, tax credit for import substitution and exemption from port duties, export tax, among others.
Specifically, ARMM offers its special economic zone in the Polloc Freeport and Economic Zone with a 129-hectare wide international standard port ideal for rubber industry exports flow, and for other agricultural and industrial products.
Hajan reported the smooth relationship now with the Bureau of Customs (BOC) after the signing of a Joint-Memorandum Order with BOC chairman Alberto Lina and the REZA-ARMM.
Among key activities during the PRIME forum were business conference, market matching and encounter, exhibits about the rubber industry and its by-products. PRIME aims to serve as platform to launch the manufacturing resurgence program for the rubber industry positioning of the three least business-friendly regions in Mindanao, with ARMM as the new marketing hubs for rubber products.
This year the conference will provide access to information related to business opportunities in the entire rubber industry and value chain with emphasis on manufacturing and processing. More than 700 participants and investors coming from Malaysia, Singapore, Thailand, Japan, India and Europe attended the event.