ShareThisBy FRANCO G. REGALA
SUBIC FREEPORT ZONE – President Benigno S. Aquino III assured here that his administration is exerting all efforts to provide an investor-friendly environment to encourage more investments.
TWO MORE SHIPS. President Aquino prepares to unveil the new Hanjin ships during the naming ceremony at the Subic Bay Freeport on Thursday. Looking on at right is SBMA Administrator Armand Arreza.
“Government agencies are providing incentives to investors to encourage more investments…,” the President said in his message at the blessing and naming of two bulk carriers built by Korean shipbuilder Hanjin Heavy Industries and Construction Co.-Philippines (HHIC-Phil.) for India’s Adani Shipping PTE.Ltd. The ceremony was held at the HHIC Shipyard at the Subic Freeport Zone (SFZ) in Zambales.
Among these incentives, he said, include the exemption from the value added tax any importation of equipment and machineries; income holiday and exemption of duties for selected equipment; and lowering of restrictions for use of consigned equipment, among others.
The President said he is also working hard at eliminating corruption and poverty, and creating more jobs.
The President expressed his gratitude to Korea for being the country’s leading foreign direct investor for the first semester of last year with a total of P24.2 billion or 40 percent of the total foreign direct investments.
He noted that Korea continues to funnel in more long-term investments in the country, particularly that of Korea’s largest shipbuilder—Hanjin Heavy Industry and Construction Co. Ltd- , which invested some $1.9 billion.
“I assure you that this confidence in the Philippines is not displaced,” he added.
Hanjin, since it started operations in the country in 2006, has built two ships a year resulting to $3.4 billion worth of shipping exports annually.
But more importantly, the President further noted, are the jobs created for the Filipino people.
“You have granted a lifeline to many Filipinos…which has a full effect to communities and their families,” he said.
The President, together with Adani Shipping PTE. Ltd. officials led by company managing director Rajesh Adani, HHIC Chairman N.H. Cho, SFZ Administrator and Chief Operating Officer Armand Areza and provincial officials joined the President in naming M/V “Rahi” and M/V “Vanshi.”
The Chief Executive also led the rope cutting ceremony of the two bulk carriers, signaling that it was ready to sail.
The vessels which were named after Adani’s two daughters–, both have a 175,000 dead-weight ton (DWT) and hulls made of steel with overall length of 289 meters and a registered length of 279.98 meters.
Gross tonnage of each bulk carrier is 91,829.0 tons while the net tonnage is 59.082 tons.