The Philippine Economic Zone Authority (PEZA) urged local businesses micro, small and medium enterprises (MSMEs) to forge stronger ties with big companies, including foreign ones, located in ecozones.
Charito Plaza, PEZA director-general said at the Global Biz Forum with the Philippine Chamber for Commerce and Industry on November 8 that products and services produced in the Philippines are world-class and can be part of the global supply chain of major exporters.
“Even with all these pandemic challenges, PEZA continues to find local partners for foreign investments in line with the reopening of our country’s economy,” Plaza said.
Plaza believes MSMEs should think global and act local by becoming part of the supply chain.
Tereso Panga, PEZA deputy director-general local investors can avail fiscal incentives.
These include initially the four to seven years of income tax holiday (ITH) with tier classification after the ITH period. After this period, they can enjoy additional five years of enhanced deductions. – Irma Isip
