Investors are considering leaving Subic Bay Freeport because of the “business-threatening impact” of the proposed second package of the Tax Reform for Acceleration and Inclusion (TRAIN) law. The TRAIN 2 package intends to lower corporate income taxes (CIT) from 30 percent to 25 percent, but seeks to remove fiscal incentives to companies. The American Chamber of Commerce (AmCham) has warned that the Philippines risks losing foreign investments, especially those located in special export zones, under TRAIN 2. Danny Piano, president...

September 03, 2018 SUBIC, Zambales. —  Business locators in Subic Bay Freeport warned of potential business exodus if the current version of the government’s tax reform package 2 is passed. Danny Piano, president of the Subic Bay Freeport Chamber of Commerce,  said the  reduced tax incentives will raise the cost of doing business even inside special economic zones. The package removes the preferential tax rate of 5 percent on gross income earned (GIE) after so a certain number of years...