The Philippine Economic Zone Authority (PEZA) said it is best to implement the proposed enhancements to the country’s perks on domestic enterprises which deserve to enjoy a rationalized incentives package, according to Charito Plaza, PEZA director-general.
Plaza said focusing on local companies will “maximize the Filipino people’s production, manufacturing, export capability and develop home-grown technology thereby eradicating the country’s import dependence.”
“The Corporate Income Tax and Incentives Rationalization Act (CITIRA) shall best focus on developing homegrown technology proposes,” Plaza said
Plaza said that CITIRA shall best focus on developing homegrown technology, utilization of the millions of hectares of idle lands, restoration of major and basic industries such as agriculture, forestry, mineral processing including the new types of economic zones like the defense industrial complex, the Knowledge Innovation Science and Technology (KIST) parks, and aquamarine economic zones and others.
PEZA has already passed its proposed enhancements to the PEZA board chairman Trade Secretary Ramon Lopez and the senators for their review and consideration.
According to Plaza, “PEZA is known worldwide as one having the best practices among all economic zones as well as its incentives package and gross income earned tax regime which provide ease of doing business and non-exposure to corruption.