The Mindanao International Container Terminal at PHIVIDEC Industrial Estate, Tagoloan, Misamis Oriental
The Philippines has been experiencing an influx of foreign investments on shipbuilding and ship repair. With the presence of large Japanese and Korean shipbuilders like Tsuneishi Heavy Industries, Inc. (THICI) and Hanjin Heavy Industries Corporation, Philippines ranked several notches higher in 2013 as the 5th largest shipbuilding country in the world after China, Japan, Korea, and Brazil.
To lure more investors, Maritime Industry Authority (MARINA) deputy administrator for operations Atty. Gloria Victoria Bañas said that they will offer incentives for ship building and ship repair such as exemption from value-added tax on the importation of capital equipment, machinery, spare parts, life-saving and navigational equipment. And there are other incentives that can be availed from economic zones and free port zones such as the PHIVIDEC Industrial Estate in Misamis Oriental.
Read further: The Manila Bulletin HERE