MANILA — The Philippine Economic Zone Authority (PEZA) is crafting a new policy to boost local small and medium enterprises (SMEs) in the manufacturing sector, its top official told the Philippine News Agency (PNA).
“We are now creating new policy. This is for domestic manufacturing enterprises, the small and medium enterprises,” PEZA Director General Charito Plaza said, adding that they are consulting the Department of Finance, Department of Trade and Industry, and National Economic and Development Authority to propose the most effective incentives for domestic SMEs in manufacturing.
“PEZA wants to give them incentives so they will grow and become the suppliers of our exporters,” she added.
Plaza said that PEZA is considering a number of incentives, among them a 5 percent special tax on gross income, duty-free importation, and zero value-added tax for purchase of local supplies.
“Those are the incentives we are looking at, so that our domestic enterprises will grow,” she added.
Aside from these perks, Plaza noted that PEZA is partnering with local and foreign banks to provide credit facility to PEZA-registered companies.
She said PEZA has already signed an agreement with Land Bank of the Philippines, and a deal with Maybank will soon be forged for a Sukuk or Islamic bond for Muslim investors.
Plaza added that PEZA also has an agreement with five Japanese banks that are providing financial services to Japanese firms investing in PEZA. (Kris Crismundo/PNA)
