Sharp may be in dire straits globally with declining revenues in traditional markets, but the Japanese TV manufacturer seems bullish on the Philippines as it seeks registration with the Board of Investments (BOI) as a new producer of high-tech TV sets using the LCD/LED technology.
Sharp’s local unit, Sharp (Phils.) Corp., is seeking incentives on a pioneer status, BOI manufacturing industries department head Rudy B. Cana said in an announcement.
The LCD/LED TVs (sized 32 inches and below) will be produced at the project site on Km. 23 West Service Road, South Superhighway, Alabang in Muntinlupa, said Cana in the notice.
Being granted pioneer status comes with six years of income tax holidays, according to the Omnibus Investments Code of 1987.
Upon registration, Sharp (Phils.) will also enjoy other perks such as exemption from taxes and duties on imported spare parts; access to bonded manufacturing/trading warehouse system, and exemption from wharfage dues and any export taxes, duties and fees.
Tax-free importation of required supplies and spare parts for consigned equipment will be exempted from customs duties and national internal revenue taxes, provided, that such spare parts and supplies are not locally available at reasonable prices, in sufficient quantity and comparable quality, and that 70 percent or more of production is exported.
The code also said the tax-free importation of spare parts would apply only if spare parts and supplies would be used in the bonded manufacturing warehouse of the registered enterprise.
Sharp (Phils.) was established in 1982 as a joint venture between Pilipinas Development Corp. and Sharp Corp. of Japan.
In 1998, Sharp built a new three-story building in Alabang to house engineering, administrative and production offices and additional warehousing space.
The company inaugurated its plant in Alabang in 1989 with 10 assembly lines installed.