PEZA obtains flying colors from FIRB

With its commendable processes promoting ease of doing business to locators, the Philippine Economic Zone Authority (PEZA) received high approval from Fiscal Incentives Review Board (FIRB) review of investment promotion agencies for 2022 to 2023.

Conducted from 18-20 March, the FIRB did an onsite review of PEZA’s processes covering project evaluation, project registration, Certificate of Entitlement to Tax Incentives issuance, income and non-income tax incentives, monitoring, and zone importation procedures.

Initiatives including FIRMS

According to a statement on a statement on Saturday, PEZA said it received commendations from the FIRB, citing the agency’s automation and streamlining initiatives including the use of the Fiscal Incentives Registration and Monitoring System (FIRMS), monthly monitoring of performance commitment, comprehensive online and paper documentation for verification processes, and proactiveness in resolving RBEs’ issues or clarifications.

Positive findings

FIRB further said that the positive findings all contribute to why PEZA has the biggest number of locators and is the country’s best IPA in terms of investment facilitation.

The cabinet-level board likewise praised PEZA’s registration processes, emphasizing that even before they can issue any findings, PEZA has already laid out solutions in the pipeline that will address the same.

“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.

Earlier, PEZA had maintained its ISO 9001:2015 certification for 16 years and counting.

Ease-of-doing-business measures

Apart from this, PEZA’s ease of doing business measures were recognized by various international organizations, including Bloomberg AiQ in 2023, hailing PEZA as a unique factor for the Philippines in terms of foreign direct investment attraction and the United States Department of State accolade, which noted in its 2024 investment climate statement for the Philippines that, “PEZA has received positive feedback for its regulatory transparency, no red-tape policy and one-stop shop for investors.”

Furthermore, PEZA was recognized by the Anti-Red Tape Authority as a top Government-Owned and Controlled Corporation in 2024 to receive a Gold Award for its EODB measures.