While Trade Secretary Ramon Lopez insists on the benefits brought about by the Corporate Income Tax and Incentive Rationalization Act (CITIRA) to the country’s economy, the Philippine Economic Zone Authority (PEZA) thinks otherwise. PEZA is an attached agency of the Department of Trade Industry and is seeking exemption from the CITIRA, claimig that the incentives it offers is competitive enough. Meanwhile, the Department of Finance sees the increase in foreign direct investments as a sign that industries see the benefit of locating in the Philippines even without PEZA’s incentives.The Senate is set to create a Technical Working Group to thresh out contradicting data from different stakeholders’ groups and review the possible effects of the CITIRA on local workers.
