Japanese firm gets tax holiday

SUBIC BAY FREEPORT: In line with the national government’s fiscal initiative for new investors, the Subic Bay Metropolitan Authority (SBMA) chairman and administrator, Jonathan Tan, pushed for the unanimous approval of the Fiscal Incentives Review Board (FIRB) on Nidec’s P4.2 billion new project here.

In a meeting with FIRB and member agencies on Friday, the Finance department approved the request for incentives that include tax holidays, special corporate income tax, duty exemption, VAT exemption on importation and VAT zero rate on local purchases.

Nidec Subic Philippines leads in the development, manufacturing, and sales of small precision motors, automotive motors, home appliance motors, commercial and industrial motors, motors for machinery, electronic and optical components, and other related products.

In 2019, Nidec Subic invested an additional $250 million to produce industrial robotic gears that generated 600 additional jobs.

The company has ventured into manufacturing reduction gears, which are vital in controlling the speed and traction of electronic equipment.

Nidec Subic was named among the top 10 exporters of 2022 with an export value of $49.43 million.