ARMM offers duty-free importation incentives for regional investors
COTABATO City — The Autonomous Region in Muslim Mindanao (ARMM) is offering duty-free importation of identified materials and equipment following the signing of a Joint Memorandum of Agreement (JMOA) between the Regional Economic Zone Authority (REZA)-ARMM and the Bureau of Customs in this city, Friday.
With the agreement, investors can now enjoy an unprecedented duty free importation of items identified in the agreement.
The JMO will allow REZA locators or those investors registered under the region’s board of investments (RBOI-ARMM) and other economic investors to enjoy duty-free importation of capital equipment, breeding stocks, generic materials, import construction materials, and office equipment.
“They will also be entitled to avail of other incentives from local taxation in close coordination with the local government units concerned,” ARMM Governor Mujiv Hataman said.
Hataman, Commissioner Alberto Lina, REZA-ARMM Executive Director Eshan Mabang, other ARMM officials and some BoC district collectors attended the signing.
“The signing of the JMO is a historical breakthrough in the Moro people’s experience and economic independence,” Mabang said.
He said the JMO will create a big impact in both the economic and labor aspect of the ARMM for it “is envisioned to create employment opportunity leading to improved human resource development index.”
“It is also seen to generate micro and even macro-economic benefits, attract domestic and foreign investors, and will promote e-commerce,” he added.
Mabang said the REZA will establish the Joint-REZA Customs Office (JRCO) that will be used by both agencies to perform organizational functions, including joint conduct of inspection and clearance area.
The REZA-ARMM is “mandated to oversee the integration, coordination, planning and monitoring of special economic zones, industrial estate/parks, export processing zones and other economic zones in the region.”
Under the JMO, the REZA will accredit, issue and approve the documentary requirements of investors in the region and the BoC, on the other hand, shall be in-charge of the approval, activation and validation of client profile registration system in line with Customs Memorandum Order 39-2008.
Moreover, the BoC will set-up the electronic-to-mobile system (e2m) for effective and efficient exportation and importation transactions and help curb possible frauds in the agency.
The e2m system will “streamline imports and exports processing and improve trade facilitation among BOC, other government agencies and its stakeholders anywhere, anytime through Internet-based and wireless technologies.“
Meanwhile, Governor Hataman and Commissioner Lina lauded the REZA-ARMM for the milestone it has accomplished.
Hataman urged the BoC and other investors to help boost ARMM’s economy. The JMO, he said, is a manifestation of good governance in the region.
For his part, Lina said the cooperation between the BoC and the ARMM government will contribute to progress and prosperity in the region. (PNA)