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Apparel industry needs break too!
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Posted on Oct 27 2000
The Issue: We’ve given breaks to most industries here in view of the deepening economic crisis.
Our View: The apparel industry deserves the same, the only sturdy sector amidst decline in tourism.
With the realization that most industries are hard hit by the continuing and deepening economic crisis, we have accommodated most other industries by way of reduced fees and other forms of assistance.
That the apparel industry is the only economic sector that has fueled some $140 million in direct taxes into the local coffers. It stands to reason, therefore, that leadership should seriously work with industry leaders to see where reasonable breaks could be granted to prevent it from financial meltdown.
User fees, while it has declined, should be trimmed by half until such time that the industry returns to normal level of business. Other forms of fees or taxes should be reduced to grant it breathing room for recovery.
Too, public and the business community must meet to see how the cost of doing business here could be reduced by fifty percent. This is especially important for the local apparel industry in order to retain its comparative advantage in the region. And this course of action isn’t a matter of option. Either we work together to cut the cost of doing business or most of the industry would have shut down and relocate elsewhere.
Furthermore, there are strangling regulations that need to be repealed forthwith. In doing so, leadership must equally give it its all to convey to Washington the ruinous effects of the instability wrought by the so-called federal takeover agenda.
Here at home, both private and public sectors must meet forthwith to rechart a ruined course trounced by both external and internal policy influences. Let’s be proactive in support of the last sturdy industry in these isles when nothing else seem to work. Let’s do it! Si Yuus Maase`!
