Connect with us

Hi, what are you looking for?

News

Nearly 800 IT-BPM projects endorsed to BoI

COURTESY OF CONTACT CENTER ASSOCIATION OF THE PHILIPPINES

THE BOARD of Investments (BoI) said 786 information technology and business process management (IT-BPM) projects have been endorsed by the Philippine Economic Zone Authority (PEZA), as part of a registration transfer scheme that would allow companies to fully implement work-from-home (WFH) arrangements and keep their fiscal incentives.

Evariste M. Cagatan, BoI executive director, said certificates of registration have been given to 627 out of the 786 IT-BPM projects.

“As of Dec. 15, the number of projects endorsed by the PEZA (to the BoI) is at 786 projects… The total project cost is P98 billion,” she said at a media briefing last week.

The registration transfer of PEZA-registered IT-BPM firms to the BoI was approved in September when the interagency Fiscal Incentives Review Board (FIRB) issued Resolution No. 026-22.   

The FIRB is in charge of granting tax incentives to registered business enterprises (RBEs), including IT-BPM companies.   

Under the resolution, registered IT-BPMs are allowed to conduct a 100% WFH arrangement and still enjoy fiscal incentives offered under Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law by transferring their registration from the PEZA to the BoI.

Ceferino S. Rodolfo, BoI managing head and Trade undersecretary, said there is no word if there would be an extension of the Dec. 31 deadline for the registration transfer to the BoI from the PEZA.

“I don’t know yet if the deadline will be moved. So far we’ve worked within the deadline. So we’ll assess based on the numbers,” Mr. Rodolfo said in mixed English and Filipino.   

Under the FIRB resolution, PEZA-registered IT-BPM firms have until Dec. 31 to shift their registration to the BoI from the PEZA.

However, the PEZA previously said that it has set Dec. 16 as an internal deadline for the filing of transfer proposals in order to meet the Dec. 31 limit.   

Mr. Rodolfo said the BoI will consult with the IT and Business Process Association of the Philippines (IBPAP) to get the industry’s views on the matter.

“We’ll work closely with the IBPAP. Maybe because that is it, maybe the others are not interested in transferring. They are happy as it is. Maybe that is the case. We have to work really closely with the industry,” Mr. Rodolfo said.   

Trade Secretary Alfredo E. Pascual, who serves as the chair of both the PEZA and the BoI, previously vowed for a “seamless transfer” of registered IT-BPM firms in order to enjoy 100% WFH arrangement. — Revin Mikhael D. Ochave

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

STOCKS continued to decline on Tuesday on faster-than-expected January inflation that fueled expectations of another big rate hike by the Bangko Sentral ng Pilipinas...

News

PHILIPPINE STAR/ WALTER BOLLOZOS THE PESO sank to the P55-per-dollar level on Tuesday as January headline inflation was faster than expected and amid hawkish...

News

President Ferdinand Marcos Jr. answers questions from the media after his first Cabinet meeting in Malacañan Palace, July 5, 2022. — PHILIPPINE STAR/ KRIZ...

News

REUTERS AGRICULTURE industry representatives said the government has not adequately supported farmers in achieving competitiveness against imports, which they called a necessary step before...

News

POLLOC FREEPORT AND ECOZONE — BARMM FACEBOOK PAGE THE classification of economic zone logistics services enterprises (ELSEs) as eligible for incentives under the Strategic...

News

BW FILE PHOTO A BILL that requires real estate investment trusts (REITs) to reinvest proceeds from their fundraising activities in the Philippines has been...

You May Also Like

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.