Rody entices Russian investors with tax perks

President Rodrigo Duterte continued to woo Russian investors during his state visit to Moscow on Friday, assuring them that investing in the Philippines will yield gains as he urged them to get on board the country’s Build, Build, Build program.

In a speech during the Philippine-Russia Business Forum, the President said that investors can expect perks especially if they invest in transportation and railway, where the foreign nation has expertise.

Duterte also disclosed that he earlier signed with Russia cooperation agreements on aerospace, automotive, infrastructure, energy and pharmaceutical industry as he noted that these are mutually beneficial to the two countries.

The President also stressed that the attendance of Russian businessmen in the forum “is a strong vote of confidence for the Philippine economy.”

“I invite you to participate in our massive Build, Build, Build program, especially in transportation and railway construction, where Russia has high expertise,” said Duterte. “Let me assure you that your investments are assured of gains and protection in my country.”

Duterte also noted that his administration offers ‘competitive fiscal and non-fiscal incentives” to jumpstart qualified investment prospects “from infancy to maturity of the business operation.”

The President assured that investors will enjoy tax holidays that would exempt the company from payment of the 30 percent corporate tax for four to six years from the start of commercial operations and it may be extended for another three years subject to certain conditions such as expert earnings, labor generation and use of indigenous materials.

Investors may also avail of tax and duty free importation of capital equipment and raw materials and there will also be a refund of value added tax for locally-purchased materials, while special non-immigrant working visa will also be made available to employees of the firm who are foreign nationals.

Duterte said that Russia is a priority trade and investment market for the Philippines.