PEZA seeks new sources of revenues

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    The Philippine Economic Zone Authority (PEZA) has offered help the Department of Finance (DOF) find new revenue streams, capitalizing on its strength as a self-sustaining agency.

    In a statement, Charito Plaza, PEZA director-general, in a statement on Monday said the agency will create a technical working group (TWG) which will review its present sources of income and formulate new income streams in line with its support to the DOF’s revenue efforts to finance Build, Build, Build and other economic reforms.

    Plaza said she wrote DOF Secretary Carlos Dominguez to seek support in evaluating the present and potential sources of revenues in PEZA’s programs as well as an enhanced services rendered by PEZA’s agency partners under DOF – the Bureaus of Internal Revenue, of Customs and of of Local Government Finance which review and approve the tax systems of local government units.

    Plaza said PEZA’s good governance practices provide efficiency, effectiveness, responsiveness and credibility to investors.

    As a self-reliant, self-sustaining and resource-generating agency, PEZA continues to contribute high dividends to the Philippines since 1995, according to Plaza.

    The agency also increased the income and classification of local government units which host ecozones such as those in CALABARZON, Baguio City, Lapu-Lapu City, Cebu City, Iloilo City and Angeles City.

    There are now 404 operating economic zones in the country composed of: 74 of these are manufacturing economic zones, 286 are IT parks and centers, 22 agro-industrial economic zones mostly in Mindanao, 19 tourism economic zones, and 3 medical tourism parks. Four are public ecozones while there 396 privately-developed ecozones.

    The number of registered enterprises likewise increased from 313 in 1995 to 4,478 as of September 2019.

    PEZA has generated P109.193 billion investments as of November 2019. The agency also created a total of 1.57 million jobs and $45.340 billion of exports as of October 2019.