The government lost billions of pesos in power subsidies and tax incentives to now-defunct Hanjin Heavy Industries and Construction Philippines Inc. (HHIC-Phil), the Fiscal Incentives Review Board (FIRB) said.

In a statement Tuesday, June 7, Finance Assistant Secretary and FIRB Secretariat Head Juvy Danofrata said HHIC-Phil, operator of the massive Subic shipyard shuttered in 2019, received tax incentives amounting to P370 million in 2015 alone.

 

This is based on HHIC-Phil audited financial statements on its operations for 2015, earning a net taxable income of P1.234 billion after deducting its income tax holiday (ITH) equivalent to P370 million in foregone revenues for the government that year, Danofrata said.

 

HHIC-Phil, a unit of the South Korean shipbuilding giant Hanjin Heavy Industries & Construction Co., Ltd, was previously registered under the Subic Bay Metropolitan Authority (SBMA) and the Board of Investments for tax perks in 2006 and 2009, respectively.

 

Source: https://mb.com.ph/2022/06/07/govt-lost-billions-to-defunct-hanjin-shipyard-firb/