CEBU, Philippines - The Tambunting-controlled Planters Development Bank (Plantersbank) is encouraging small and medium enterprises (SMEs) to take advantage of the financing scheme it is offering to prospective locators of the bank’s industrial park.
Sim dela Cruz, Plantersbank SBG (SME banking group) Visayas lending department head, said that aside from the tax perks granted by law to locators of economic zones (ecozones,) the thrift bank also offers financing for the purchase of the lots in Plantersbank SME Industrial Park in Naga, Cebu , as well as the construction of their buildings.
“(We can offer the financing scheme) since we (Plantersbank) own the property,” he said on the sidelines of the bank’s SME ethics in speaker series last Thursday at the City Sports Club Cebu.
The Philippine Economic Zone Authority (PEZA) grants locators of ecozones 100 percent exemption from corporate income tax for four years and five percent special tax on gross income after the income tax holiday, among others.
Dela Cruz admitted that uptake of the industrial park located in the southern part of Cebu SMEs remains slow, due to the financial challenges hounding the country and the world.
“But we always tell them, especially our clients, that now (with the crisis) is the best time to position their company for the competition when the crisis will be over by buy a property in the park,” he said.
The industrial park, which is located within the 25-hectare New Cebu Township One special economic zone developed by MRC Allied Industries, is the first industrial development of its kinds in the country that is wholly dedicated to providing SME locators the investment incentives, tax benefits and facilities enjoyed by the foreign-owned counterparts.
Ambassador Jesus P. Tambunting, Plantersbank chairman and chief executive officer, earlier said they were open to buying additional lots from MRC to accommodate more SMEs.
Meanwhile, dela Cruz said Plantersbank SME ethics in speaker series is now on its third year. The Cebu-leg this year featured motivational speaker, Anthony Pangilinan, who talked about the importance of business values and how it can be a big factor in helping businesses achieve greater productivity and financial gains.