Apparel manufacturers of Philippines have called for more tax benefits in order to revive its struggling apparel and textile industry.
Meanwhile, the Philippine Exporters Confederation Inc. spoke about Fobap’s need for more tax perks at a time when such perks are being rationalised.
It is important to note here that the Government of Philippines is presently pushing for Trabaho bill. The bill aims at slowly lowering the corporate income tax while revamping the tax incentive system.
Further on the same, Ding Buendia said “Benefits of tax incentives in the Trabaho bill should not be removed; in fact more should be added.”
After showing so much promise in 1990s, the export performance of Philippines garment industry slumped with the abolition of textile quotas by WTO in 2005 leading to shutting down of many apparel factories in the country.
Robert Young, President, Fobap, said that if the garment industry gets revived, then the country could gain access to US as well as Southeast Asian markets.