MANILA, Philippines – Firms that retrain laid-off overseas Filipino workers (OFWs) due to the global economic meltdown may get special fiscal and non-fiscal incentives, a senator said.
Senate labor committee chairman Jose “Jinggoy” Estrada said these can include tax credits, tax exemptions, income tax holidays, and duty-free importation of raw materials and equipment.
“With these incentives, local companies – even those that had otherwise decided to freeze their hiring of employees due to the economic slowdown, would be able to absorb additional personnel from among the ranks of the retrenched OFWs,” Estrada said in a press statement posted on the Senate website.
He said he would push for the government’s adoption and implementation of his “special incentives” proposal during the emergency summit reportedly to be held this month. [Read More...]