AN Israeli technology firm, which currently has 16 branches in China, is looking to transfer its operations to the Philippines, according to the Philippine Economic Zone Authority (Peza).
Peza Director Charito Plaza, in a virtual press conference on Nov. 23, said the Israeli investor wanted to bring all of its 16 branches in China to the country.
“They sat down with me last week, and we are now helping to facilitate their application with Peza,” she said.
She said one of the products of the Israeli firm is a flying car.
“We will first have a memorandum of understanding. Then we are helping them in finding the appropriate economic zone to locate their branches of companies,” she said.
Plaza said they remain positive on the sentiment of the existing and future investors.
“We have many expansions. There are many companies manifesting that they will continue with their expansion plans, meaning bring in new products, expand their facilities and of course, increase their workers,” she said.
Meanwhile, with the pending approval of the Corporate Recovery and Tax Incentives for Enterprises (Create) Bill, Peza and industry stakeholders stood pat on their position on the bill, which is to exempt and retain the tax incentives for export-oriented companies and to implement the corporate tax reform on domestic-oriented enterprises only.
“Indeed, Peza and industry leaders support the government’s efforts to reform the corporate tax regime. However, the context of its application is best to be applied to domestic enterprises and not altogether with export-oriented industries which compete in the global market,” Plaza said.
“We hope the Senate and the House of Representatives in the future bicameral conference for the Create bill will heed the call of export-oriented industries that employ thousands of Filipinos, bring investments and export-incomes, and contribute to the country’s economic prosperity,” she added.
She said Create will be more advantageous to the domestic enterprises which need to experience tax incentives and be incentivized with their market.
“It is high time for the domestic enterprises to benefit from the reduction of the corporate income tax and enjoy for the first time incentives in a rationalized manner,” she said. / JOB