Gov’t lost billions to defunct Hanjin shipyard

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/