A toy ox is displayed for sale at a market in Hong Kong on Feb 11, 2021, ahead of the start of the Lunar New Year, which ushered in the Year of the Ox on Feb 12. (AFP file photo)
The Philippines is trying to lure Hong Kong’s toy manufacturers with tax cuts, seeking to boost an industry that has attracted companies from the US and Japan.
Hong Kong’s toy manufacturers “are seriously considering” relocating and expanding in the Philippines due to rising production costs, the trade department said in a statement on Wednesday.
They can benefit from a plan to lower corporate income tax rate from 30% from 25%, broader production network, and wider access to markets such as Japan and Europe, said Trade Undersecretary Ceferino Rodolfo. Last month, the Southeast Asian nation’s investment board met with…
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