Panasonic gets PEZA Domestic Market Enterprise registration for new Laguna Technopark projects
PMPC President and Chairman Akio Ota (left) and PEZA Director General Tereso O. Panga (right)
Panasonic Manufacturing Philippines Corp. (PMPC) has obtained registration from the Philippine Economic Zone Authority (PEZA) as a domestic market enterprise for its new projects in Laguna Technopark.
The PEZA registration allows the company to avail fiscal and non-fiscal incentives under Republic Act (RA) No. 12066, or the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE).
The registration covers PMPC’s manufacturing of electric fans, washing machines, and refrigerators, the company said in a regulatory disclosure on November 28.
Key incentives include income tax holidays for five years that will commence on the actual start of operations; enhanced deduction regime for 10 years with lowered corporate tax rate of 20%; and duty-free importation of capital equipment, raw material, and accessories for 15 years.
From left to right: Mr. Takeshi Kuwayama (PMPC Corporate & Business Planning); Mr. Ramil Telan (PMPC Compliance); Mr. Mark Gil Defante (PMPC Engineering); Mr. Akio Ota (PMPC President); Mr. Tereso Panga (PEZA Director General); Ms. Vivian Santos (PEZA Deputy Director General for Operations); Ms. Imelda Garcia (PMPC Finance) and Ms. Jillian Dancel (PEZA Information Officer)
“This development is expected to enhance the company’s cost efficiency and competitiveness in serving domestic markets,” PMPC said.