President Rodrigo Duterte assured Russian businessmen that their investments in the Philippines will yield gains and protected from corruption.
Speaking at the Philippines-Russia Business Forum, Duterte invited Russian investors to participate in the massive Build, Build, Build infrastructure program especially in transport and railway construction where Russia has high expertise.
Wooing the Russian businessmen, Duterte offers competitive fiscal and non-fiscal incentives to jumpstart qualified investment projects from infancy to maturity of business operations.
And these include tax — income tax holiday that exempts the company from the payment of the 30 percent corporate earning tax from four to six years from the start of commercial operations; additional bonus for three years subject to conditions such as export earnings, labor generation, and the use of indigenous materials; the gradual reduction of corporate income tax rate from 30 to 20 after the ITH or initial investments; tax and duty-free importation of capital equipment; tax and duty-free importation of raw materials and supplies use in the exports; VAT, value added tax refund for locally-purchased raw materials use in exports; then the special non-immigrant working visa for those employed foreign nationals.
“We invite because we feel that investors have shown a strong trust and confidence in my administration with record-breaking investments. We invite our Russian friends to invest and do more business in the Philippines,” Duterte said.
The president added that he is confident that Philippines and Russia economic ties will continue to prosper to its full potential, “as the new business agreements forged today will bring closer to us in our goal.”