JCCI calls on Phl gov’t to retain ecozone perks

CEBU, Philippines — The Japan Chamber of Commerce and Industry of the Philippines is calling on the Philippine government to retain the incentives enjoyed by locators in the economic zones.

Japan Chamber president Hiroshi Shiraishi recently said that while the Japanese business community supports the Philippine government’s tax reform program, it also wants the incentives offered by the Philippine Economic Zone Authority (PEZA) to be retained.

He said Japanese investors want to maintain the PEZA incentives while it fully supports the government’s Tax Reform for Acceleration and Inclusion Act (TRAIN).

He said the incentives are very important to retain existing investors and lure more potential investors into the country.

The tax reform program of the Department of Finance consists of several packages, which includes the proposed removal of PEZA incentives.

He said the Japanese business group will be following into the development of the tax reform program as it will have impact on the decision of investors to invest in the country.

PEZA, an attached to the Department of Trade and Industry, is tasked to promote investments, extend assistance, register, grant incentives to and facilitate the business operations of investors in export-oriented manufacturing and service facilities inside selected areas throughout the country proclaimed by the President as PEZA Special Economic Zones.

It oversees and administers incentives to developers/operators of and locators in world-class, ready-to-occupy, environment-friendly, secured and competitively priced Special Economic Zones.

PEZA's fiscal incentives include income tax holiday for four years for non-pioneer project and six years for pioneer project. (FREEMAN)