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The planned information technology (IT) economic zone in Calapan City in the province of Oriental Mindoro is targeted to begin operations this year, with regulatory compliance on its establishment already being fast-tracked.
The Philippine Economic Zone Authority (Peza) said this on Wednesday, noting the potential of the 10,000 square meter Calapan IT Park in making the province as a new growth area for their economic zones.
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The Peza said that its director general, Tereso Panga had met with Oriental Mindoro governor Humerito Dolor, who has expressed the determination to accelerate the growth of his province by strongly promoting the development of these economic hubs.
“(In the) meantime, the provincial government prioritized the establishment of a government center, transport terminal, training facility and other amenities to make the Calapan IT Park a mixed-use development viable to host the leading IT-BPM companies in the country,” Peza said.
Further, the investment promotion agency said that the provincial government has mapped out its locations for other upcoming private-led economic zones for application within the year.
These include the Ril Noah Shipyard in Pinamalayan and the domestic manufacturing zone in the municipality of Gloria.
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The Peza said that the governor is also eyeing an agro-industrial processing zone and an alternative energy development zone to boost the province’s energy sufficiency and capacity for local manufacturing and inter-regional trade.
To date, the Peza has more than 420 operating economic zones across the country, majority of which are located in Luzon.
Companies operating inside Peza’s economic zones enjoy a number of fiscal and non-fiscal incentives depending on the location and the nature of their businesses.
Fiscal incentives for exporters include an income tax holiday of 4 to 7 years, as well as a special corporate income tax rate of 5 percent or enhanced deductions for 10 years.
Meanwhile, domestic market-focused enterprises are given an income tax-holiday of 4 to 7 years or enhanced deductions for 5 years.