Labor seeks review of govt policy on tax incentives, cheap labor at ecozones after Hanjin crash
Credit to Author: The Manila Times| Date: Mon, 14 Jan 2019 10:05:00 +0000
ORGANIZED labor sought a review of the government’s policy in granting tax incentives and cheap labor at ecozones as a strategy in attracting foreign direct investments (FDIs).
The militant Bukluran ng Manggagawang Pilipino (BMP) issued the call after Subic-based shipbuilder Hanjin Heavy Industries and Construction Co.-Philippines (HHIC-Phil) Inc. declared bankruptcy last week, which left thousands of its workers jobless.
“The company’s bankruptcy should serve as an eye opener for policy makers to rethink its strategy in attracting foreign direct investments,” said BMP president Leody de Guzman.
He urged the government to scrap the policy of generously providing fiscal and non-fiscal incentives to multinational corporations for it is detrimental to Filipino workers and to the national government.
The Korean shipbuilder filed for bankruptcy after it suffered liquidity problems to repay its debts. Hanjin is reported to have incurred around $400 million in outstanding loans from local banks and another $900 million owed to South Korean lenders. WILLIAM B. DEPASUPIL
The post Labor seeks review of govt policy on tax incentives, cheap labor at ecozones after Hanjin crash appeared first on The Manila Times Online.