NEWSFLASH

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MORE TAX INCENTIVES FOR FOREIGN INVESTORS

Manila, Dec. 1, 1997 - Philippine senators want to grant more tax incentives to attract additional foreign investments.

Senators Alberto Romulo and Sergio Osmena filed bills calling for an extension of the 8-year tax holiday enjoyed by pioneer firms.

Osmena said "Philippine policy makers must align our domestic economy along lines of competitive advantage vis-a-vis our neighbors in the Asia-Pacific region and trading partners."

He explained that the extension merely tries to align the Philippines' income tax holidays to match that of the neighboring countries.