PEZA earns high marks for ease of doing business — FIRB

The Philippine Economic Zone Authority (PEZA) has received high approval from the Fiscal Incentives Review Board (FIRB) for its commitment to ease of doing business (EODB), following an evaluation of investment promotion agencies for calendar years 2022 and 2023.

The FIRB conducted an onsite assessment of PEZA's procedures from 18 to 20 March, focusing on project evaluation and registration, the issuance of Certificates of Entitlement to Tax Incentives, administration of income and non-income tax incentives, monitoring systems, and importation procedures within economic zones.

In a statement on Saturday, PEZA said the agency was commended for its automation and streamlining initiatives. These include the use of the Fiscal Incentives Registration and Monitoring System, monthly performance monitoring, thorough documentation processes, and its proactive response to issues raised by registered business owners.

FIRB also noted that these efforts contribute to PEZA having the largest number of locators among investment promotion agencies, describing it as the country’s leading agency in trade facilitation.

The board further praised PEZA’s registration processes, stating that even before any findings were released, PEZA had already prepared solutions to potential concerns.

"PEZA maintains its policy of enhancing its world-renowned brand of service and ease of doing business practices in its ecozones because we know that our best promoters will always be our happy and satisfied investors, all in pursuit of making the Philippines the best investment hub in the region," said PEZA Director General Tereso Panga.

PEZA has retained its ISO 9001:2015 certification for 16 consecutive years.

Its EODB initiatives have also been recognized by international organizations. Bloomberg AiQ cited PEZA in 2023 as a unique asset for the Philippines in attracting foreign direct investment. The United States Department of State, in its 2024 Investment Climate Statement for the Philippines, highlighted PEZA’s regulatory transparency, no red-tape policy, and its function as a one-stop shop for investors.

Additionally, PEZA was honored by the Anti-Red Tape Authority as the top Government-Owned and Controlled Corporation in 2024, receiving a Gold Award for its EODB measures.