DOF: PEZA is clueless on local investments
The Department of Finance (DOF) said that the Philippine Economic Zone Authority (PEZA) is uninformed about actual investments made by locators who benefit from tax benefits.
A report given by the Fiscal Incentives Review Board (FIRB) Secretariat to the DOF stated that PEZA had not tracked the inflow of actual investments made by its registered business enterprises (RBEs) since the implementation of the Corporate Recovery and Tax Incentives for Enterprises (Create) Act.
As a result, PEZA reportedly presented inadequate information regarding its locators’ investment capital and market orientation to the FIRB.
Assistant Secretary and FIRB Secretariat head Juvy Danofrata stated that 12 of the 196 PEZA-RBEs lacked information on their investment capital, and 11 did not indicate their market orientation.
In a statement, PEZA denied the FIRB’s claims. The agency’s Director-General Charito Plaza said that they are “confident that benefits of incentives to investments outweigh the foregone taxes; hence, we find the statement by FIRB particularly erroneous, misleading and intends to embarrass PEZA as an investment promotion agency (IPA).”
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