Business leaders have welcomed moves to provide more incentives to manufacturers especially locators in economic and freeport zones.
Reacting to a legislative agenda for a VAT exemption on electricity by comebacking Tarlac congressman Vic Yap, leaders of two big business groups expresed elation on the plan.
“I am all for it. Power cost has been a major deterrent for FDI. This bill, if passed into law, would address that issue,” said Frankie Villanueva, president of Clark Investors and Locators Association.
Clark locators have just started ro embrace the provisions of the recent enactment of CREATE and CREATE MORE laws which have rationalized incentives for locators in Freeports and Economic Zones.
For his part, Pampanga Chamber of Commerce and Industry (PAMCHAM) Chairman Rene Romero described Yap’s plan as a “good idea”.
Pamcham has been at the forefront of calling for more incentives for business from small-, micro- to medium-sized enterprises. It has also been actively participating in measures and advocacies for public order, safety and infrastructure development.
In his recent guesting at KapiHann, a media forum of the Pampanga Press Club at Hann Resort, Yap said that he will file a bill in Congress that would exempt locators from payment of VAT on electricity inside economic and freeport zones like Clark Freeport and the New Clark City.
This, he said, would cut on inflation brought by operations cost brunt by locator firms in economic zones.
Yap, a former Tarlac Governor, used to serve as a member of the Board of Directors of the Clark Development Corporation.
He is seeking to retake the 2nd Congressional District of Tarlac now occupied by his nephew Christian Yap who in turn will run for Governor. His sister Susan Yap will be completing three terms as Governor and is gunning to be the next mayor of Tarlac City.
