>>
Home / Knowledge / News / Apparel/Garments / Manila urged to retain garment-textile sector tax perks

Manila urged to retain garment-textile sector tax perks

16
Aug '19
Pic: Shutterstock
Pic: Shutterstock
Exporters in the Philippines want continuation of tax incentives for the garment-textile sector, saying such a step will be crucial in getting multinationals fleeing the US-China trade conflict to relocate to the country. The Foreign Buyers Association of the Philippines feels the second tax reform package should retain incentives to help in revival efforts.

Association president Robert M Young said the package should be different from the Tax Reform for Attracting Better and High Quality Opportunities (Trabaho) bill in the 17th Congress, which proposed the reduction of the country’s corporate income tax (CIT) rate at the expense of incentives granted to economic zone firms, according to a newspaper report.

Young, who is also the trustee for the textile, yarn and fabric sector of the Philippine Exporters Confederation Inc., argued that the country’s investment package should be comprehensive enough to serve as a magnet for the transfer of import orders, as the trade conflict between the United States and China hurts multinational businesses.

The Philippines has benefitted only in a very small manner, as it is not ready and lacks competent manufacturers and locally-milled textile as well as required accessories, Young explained.

The Philippines catered to only 10 per cent of the relocated garment orders from China, as most of the orders went to manufacturing powerhouse Vietnam, according to him.

To revive the industry, Young said the government should provide more—and not reduce—tax perks for garment manufacturers, such as reducing the 12- percent value-added tax, granting a special concession power rate and providing incentives to compensate labour rate differential.

The government can also extend the duty-free importation of textile machinery and equipment and regulate technical importation to assist industry players, he suggested.

Young also asked the Department of Science and Technology (DOST) to sponsor a technology course on garments and textile in line with changes brought about by the Fourth Industrial Revolution. (DS)

Fibre2Fashion News Desk – India


Must ReadView All

Pic: Shutterstock

Textiles | On 20th Jan 2022

Chinese central bank cuts rates on medium-term loans, reverse repos

The People's Bank of China recently cut interest rates of its...

Pic: Shutterstock

Retail | On 20th Jan 2022

Clothing retail sales in US grew 33.1% during holiday season: NRF

Retail sales during 2021’s November-December holiday season grew 14.1 ...

Pic: Shutterstock

Textiles | On 20th Jan 2022

ILO downgrades labour market recovery forecast for 2022

Geneva-based International Labour Organisation (ILO) has downgraded...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Strongly believe in 'people first' policy.

Textile Industry, Head honchos

Textile Industry
Head honchos

Led by MMF, Indian apparel exports likely to double in next 3 years

Textile Industry, Head honchos

Textile Industry
Head honchos

Extension of RoSCTL to boost textile exports

Dr. Catherine Tubb,

Dr. Catherine Tubb

Created in 2018 to investigate the risk of market failure related to...

Daniele Uboldi,

Daniele Uboldi

EptaInks is the screen-printing division of Eptanova, a company that...

Atul Ganatra,

Atul Ganatra

<div>Engaged in providing a wide range of services to the entire cotton...

Christopher Astley, INDA

Christopher Astley
INDA

<font face="Arial, sans-serif"><span style="font-size: 16px;">INDA,...

Thomas Ong P S, NanoTextile

Thomas Ong P S
NanoTextile

Malaysian company NanoTextile Sdn Bhd taps into the potentials of...

Sanjay Raut, Garware Technical Fibres Ltd

Sanjay Raut
Garware Technical Fibres Ltd

Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...

Carmen Emanuela Popa, Label - Carmen Emanuela Popa

Carmen Emanuela Popa
Label - Carmen Emanuela Popa

<b>Carmen Emanuela Popa,</b> a Romanian fashion designer, is known for her ...

Rocky Star, Label - Rocky Star

Rocky Star
Label - Rocky Star

<b>Rocky Star,</b> an Indian designer known for his inspiration from the...

Shalini Sharma & Shweta Pundir Sharma, Six Yard Story

Shalini Sharma & Shweta Pundir Sharma
Six Yard Story

Six Yard Story is a premium artisanal brand with a focus to bring handloom ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments

ESTEEMED CLIENTS

Lululemon Athletica Inc
Under Armour Global Sourcing Ltd
LC Waikiki
IDH – The Sustainable Trade Initiative
Vianney Textil Hogar S.A. De C.V.
Amazon China
Restoque S.A.
Groz-Beckert East Asia LLP
TESCO INTERNATIONAL SOURCING LIMITED
Alison Hayes Romania
Esprit Europe Services GmbH
H;&M Hennes ;& Mauritz (Far East) Ltd
Brandix Lanka Limited
T.T. Limited
Splash
Phong Phu international JSC (PPJ)
Green Fibre
Eastman Chemical Company
John Varvatos
Puma
KAS Direct Sourcing
MAS Active / MAS Kreeda / MAS Bodyline
Huntsman (Singapore) Pte Ltd
Walmart
Hela Clothing Pvt Ltd
Grasim Industries Limited
BIRLA CENTURY A DIVISION OF CENTURY TEXTILES AND INDUSTRIES
Arvind Limited
Helly Hansen Far East Ltd
Rayonese Textile Inc., Division de Culp Inc.
Babyshop
Landmark Group
Bluestem Global Sourcing Limited
Lenzing Aktiengesellschaft
BIANCA
Page Industries Limited (Bangalore)
Sainsbury's Argos Asia Limited
The Top Form Brassiere Manufacturing Company Limited
Boardriders Asia Sourcing Limited
Desigual - ABASIC, S.A.
Vardhman Textile Ltd
Aramark Uniform ;& Career Apparel, LLC
Rosset ;& Cia Limited
Truetzschler India Private Limited
SYNERGIES HONG KONG LIMITED
HYOSUNG CORPORATION INDIA PRIVATE LIMITED
Cat Tuong Real Estate Group Joint Stock Company
Reiter India Private Limited
J ;& P Coats
Abit
OVS Hong Kong Sourcing Ltd.
Gatsby Africa
Lifestyle
Asos
The LYCRA Company Singapore  Pte. Ltd
THE BOMBAY DYEING ;& MFG.CO. LTD
KIABI
C;&A Sourcing International Ltd
Maceton Limited
Benetton Group
Target Corporation (MN)
Tommy Hilfiger
Etam Group Strategy Hong Kong Limited
Chico’ FAS
Gloria Jeans
Lisa S.P.A.
PVH Corporation
Tory Burch Hong Kong Ltd
IKEA of Sweden AB
Hirdaramani International Export Private Limited
Tchibo GmbH
Varner AS Retail
BIMBA ;& LOLA SL
Guess Europe Sagl,
Gokaldas Exports Limited
Recron Polyester from Reliance Industries Limited
Sportswear Company Spa
Sportmaster Ltd.
Seasalt Limited
International Textile Manufacturers Federation
Lacoste (Wanchai)
SHAHI Exports Pvt Ltd
G-Star Raw C.V.
Midas Clothing Limited
Sateri (Jiujiang) Fiber Co.,Ltd
Alix Partners
Deckers Outdoor (Guangzhou) Consultant Co., LTD.
Aquarelle Clothing Limited
Permoda(Koaj/Armi/Pronto/Bkul)
Chori Company Limited

January 2022

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search