The future of the Philippines and our Economic Zones (Ecozones) from different parts of the country is bright as the Philippine Economic Zone Authority (PEZA) recently partnered with the Mindanao Development Authority (MinDA) and signed a memorandum of understanding with ENECO. Both developments will introduce significant improvements to PEZA ecozones covered by these upcoming projects in the countryside despite the reported moratorium for ecozone applications in Metro Manila last month to focus efforts in promoting economic activity in the countryside.
Philippine Economic Zone Authority
The Philippine Economic Zone Authority (PEZA) recently approved a total of 131 IT Parks and Centers all located in Metro Manila and with investments worth P160 billion. While PEZA approved the applications for 121 IT centers and 10 IT parks from 2015 up to June 2019; the developer projects still require an endorsement to the Malacañang to officially proclaim the infrastructures as Special Economic Zones (SEZ).
The Philippine Economic Zone Authority (PEZA) will hire an independent auditing firm to determine the impact of their tax incentives towards the Philippine economy. This comes after claims of revenue loss caused by PEZA”s Income Tax Holidays (ITH) and other benefits according to the Department of Finance (DOF).
The Philippine Economic Zone Authority (PEZA) currently explores “new frontiers in ecozone development” to revolutionize the agency while inviting private companies to take part in these ecozone projects.