By Emmmie V. Abadilla
The government should give more incentives to shipbuilding and ship repair (SBSR) to haul in more investments in the maritime industry, according to Maritime Industry Authority (Marina).
So far, the local SBSR sector generated $1.6 billion in revenues and continues to cater to the needs of other industries such as fishing and shipping with 1,179 ships constructed in 2018.
Specifically, the government need to provide incentives for non-Philippine Economic Zone Authority (PEZA)-registered shipyards, specifically duty-free importations of SBSR facilities or equipment, Engr. Ramon Hernandez of the Shipyards Regulation Service (SRS) pointed out.
The establishment of the global maritime hub is the priority program #5 of the Maritime Industry Development Plan (MIDP), of which the SRS is the chief planner and implementor.
The global maritime hub, which PEZA will manage, will transform the country into a one-stop maritime destination in the Asian region.
Both the Marina and PEZA believe that providing more incentives will benefit the local SBSR sector through more job opportunities and higher contribution to the national economy.