Connect with us

Hi, what are you looking for?

News

PEZA counting on upgraded trade facilitation, seamless logistics to draw ecozone locators

THE Philippine Economic Zone Authority (PEZA) said it is hoping to make its economic zone offering more attractive to locators by offering seamless trade facilitation and upgraded logistics.

Tereso O. Panga, PEZA officer-in-charge and deputy director general for policy and planning, said he met with Customs Commissioner Yogi Filemon L. Ruiz on Sept. 16 to smooth out the supply chain for PEZA companies.  

“PEZA is one with the Bureau of Customs (BoC) and other participants in the local supply and global value chains in enhancing the ecozone business ecosystem and our overall competitiveness to make the Philippines a viable investment destination in the region,” Mr. Panga said.

PEZA could end up losing registered companies to the Board of Investments (BoI), an offshoot of the row that broke out between the government and the business process outsourcing (BPO) industry. The BPOs are seeking more freedom to offer their workers work-from-home arrangements, but risk losing access to tax incentives because tax laws require locators to perform much of their work within the ecozones.

The initiative to improve trade facilitation appears to indicate a renewed focus on manufacturers who need to move goods across borders, as opposed to services companies like BPOs.

“It is important to strengthen partnership between PEZA and BoC given their respective roles in investment and trade facilitation that are being improved towards digital transformation,” Mr. Panga said.

Mr. Panga said PEZA and the BoC discussed the concerns of registered enterprises including the use of single general transport surety bonds for ecozone imports and interzone transfer of goods between PEZA-registered enterprises, and the use of risk-based shipment inspections and electronic tracking of containerized cargo.

The two agencies also discussed the integration of the PEZA’s electronic import permit system and automated export documentation system with the BoC’s electronic-to-mobile system for improved security and transparency in the processing and monitoring of import and export permits and documents. They also agreed to collaborate in clarifying the basis of computing tax and duties on the disposal of enterprise assets under Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises Law.

According to Mr. Panga, PEZA rolled out its online payment system and launched other office automation projects to improve the delivery of services and customer experience.

“All these will contribute to higher productivity, reliability, availability, increased performance, and reduced operating costs to the benefit of our valued ecozone investors and other stakeholders,” Mr. Panga said. — 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

PHILIPPINE STAR/ MICHAEL VARCAS WASHINGTON D.C. — The United States is seeking to form a coalition of countries to drive negotiations on a global...

News

Buildings are seen along EDSA in Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN By Diego Gabriel C. Robles  THE WORLD BANK (WB) upgraded...

News

Heavy traffic is seen on the southbound lane of EDSA in Cubao, Quezon City. — PHILIPPINE STAR/ MIGUEL DE GUZMAN THE PHILIPPINE auto industry’s...

News

REUTERS THE BANGKO SENTRAL ng Pilipinas (BSP) may deliver a second off-cycle rate hike in early November when the US Federal Reserve is expected...

News

Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA THE ASIAN Development Bank (ADB) is planning to...

Editor’s Pick

With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity...

You May Also Like

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...

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

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...

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.