'I find the above practices of overcharging its patients unjust, considering that the hospital enjoys tax perks because it operates in the SBFZ
, such as duty-free importations of raw materials, capital and equipment and paying 5% tax on Gross Income Earned instead of the usual corporate tax rates, among others,' the senator said.
Following its closure in 1992, it was transformed into SBFZ - which is now being effectively operated and managed by the Subic Bay Metropolitan Authority (SBMA) under Chairman Roberto Garcia and its current Board.
"The SBMA shall promote the SBFZ into a self-sustaining, industrial, commercial, financial and investment center to generate employment opportunities and to attract/promote productive foreign investments...." per R.A.
SBFZ is strategically located in terms of the world's largest markets such as China, Japan and ASEAN with two complementing world-class infrastructures - the Subic Bay International Airport (soon to be rehabilitated) and the Port of Subic with 15 piers and wharves capable of handling all types of ships including aircraft carriers.
SBFZ CONTINUES TO BE ONE OF THE COUNTRY'S MAJOR ECONOMIC ENGINES, INCLUDING THE WORLD'S 4TH LARGEST SHIPBUILDING FACILITY, THE HANJIN HEAVY INDUSTRIES AND CONSTRUCTION.
WITH A TOTAL AREA OF 67,452 HECTARES, SBFZ AT PRESENT IS THE CHOICE INVESTMENT SITE OF 1,538 LOCATORS WITH A CUMULATIVE INVESTMENT OF SOME USD 10 BILLION AND A WORKFORCE OF ALMOST 100,000 SKILLED WORKERS.
SUBIC HAS SINCE BEEN TRANSFORMED INTO COMMERCIAL USE WITH BLUE CHIP COMPANIES LIKE COASTAL PETROLEUM AND FEDEX PUMPING IN OVER USD 3 BILLION WORTH OF INVESTMENTS, WHILE CREATING 70,000 JOBS DURING SBFZ'S FIRST FOUR YEARS.