Gov, Cong. Guicos to Appeal to the FIRB Sumitomo's Dilemma

FOR THE HIRING OF ANOTHER 7,000 WORKERS

By Mortz C. Ortigoza, MPA

 LINGAYEN, Pangasinan – The governor of Pangasinan and his congressman’s father will appeal to the Foreign Investment Review Board (FIRB) to allow Sumitomo North Philippines Wiring Systems Corporation (SNPWSC) in Binalonan to push through on its Phases 2 and 3 expansions so another 7,000 workers could be hired.

The Sumitomo North Philippines Wiring Systems Corporation in Binalonan, Pangasinan. 

SNPWSC has 3,000 present workers there.

Together with 5^th District Rep., Ramon Guico, Jr. Governor Ramon V. Guico, III exhorted national leaders and their agencies and others to join the provincial government in solving the dilemma faced by SNPWSC with the FIRB.

Governor Guico said the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act he suspected required the FIRB to direct the Philippine Economic Zone Authority (PEZA) for Sumitomo to hurdle another layer of requirements.

“But iyang isang layer iyan nadala po namin sa Binalonan dumaan pa ng FRRB hindi na-isubmit yata I have to look into it kung mali ang aking information. Sabi po ng Sumitomo hindi po nila kasalanan na hindi sila na-aprobahan ng Foreign Investment Review Board ng mga PEZA approval o benefits. So almost 3,000 employees na sila ngayon doon sa economic zone. 10,000 iyan e,” the Governor told reporters in the Capitol ground here.

Republic Act No. 11534, otherwise known as the CREATE Act, is the second package of the Comprehensive Tax Reform Program that reduces corporate Income tax rates.

 SNPWSC said, according to the Governor, that incase Sumitomo could not get the imprimatur of the FIRB they would not continue the construction of the Phases 2 and 3 that could generate another thousands of jobs.

“So ngayon hindi nila kasalanan kasi parang it seems late ang submission ng PEZA to the FIRB”.

SNPWSC is into the manufacture and sales of wiring harnesses for electric automobiles, hybrid-car related components, and electronics around the world.

The come-on by the government of the PEZA sanctioned locators like the SNPWSC are the four to seven years Income Tax Holiday (ITH) or 5% Gross Income Taxation (GIT), Value Added Tax zero-rated purchases and duty-free importations given by the government for countless of years so the motivated investor could recoup immediately the capital and the cost of goods exported to other countries.