PEZA Approves Registration of Projects Worth ₱98 Billion

The Philippine Economic Zone Authority (PEZA) endorsed over 700 technology-business process management (IT-BPM) projects to the Board of Investments (BOI) for registration which is in light of their policy of permitting a 100% work-from-home (WFH) setup for IT-BPM firms.

BOI data shows that 786 projects worth an estimated ₱98 billion have already been endorsed for transfer of registration by PEZA.

Back in September, Resolution 026-22 was filed by the Fiscal Incentives Review Board (FIRB) which permits registered business enterprises (RBEs) in the IT-BMP industry to fully adopt 100% WFH arrangement by moving their registration from PEZA to BOI.

“They shall have until Dec 31, 2022, to exercise the option to register with the BOI. Those who did not exercise the option shall no longer be allowed to register and shall be covered by Sec. 309 of CREATE,”  mentioned the BOI.

PEZA has promised to endorse all applications of IT-BPMs with complete requirements to the BOI by the end of 2022.

For PEZA Deputy Director General for Operations, Vivian Santos, they have set an internal deadline of December 16 to take applications from IT-BPM RBEs for registration transfer to the BOI.

“We are committed that all applications be received on that day (Dec. 16). We will ensure that with complete requirements, we can endorse them to the BOI on or before December 31, “ mentioned Santos.

Back in October, PEZA Officer-in-Charge (OIC) and Deputy Director General for Policy and Planning, Tereso Panga said that “With government’s role as enablers of business and facilitators of value creation, PEZA will continue to enhance its ease and cost of doing business. We in PEZA always strive to provide the best business ecosystem in the ecozones so we can continue to attract more investments and sustain the growth of this winner sector,”

Source: Philstar