Safe and steel furnishings maker Promet (Asia) Inc. is investing more than P1.5 billion for a manufacturing facility in Pampanga, a business venture which is expected to create 150 new jobs.
The Philippine Economic Zone Authority (Peza) on Tuesday said it has formalized the company’s registration of its upcoming facility inside the 250-hectare TECO Industrial Park in Pampanga.
“We welcome Promet’s investment in the ecozones, which is the first investment in Peza with major Bahrainian equity. It is a testament to our world-class brand of service and the ecozones providing the best business ecosystem for investments,” Peza director general Tereso Panga said in a statement.
READ: Peza approves 3 new ecozones
According to Peza, the facility is scheduled to be completed by the third quarter of 2025, with the operations starting by early 2026.
Investments registered under Peza’s economic zones enjoy a number of fiscal and non-fiscal incentives.
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.
Investments registered with Peza amounted to P123.76 billion from January to October this year.
An additional P58 billion worth of investments were approved during its board meeting earlier this month, putting it within reach of its P200 billion target for 2024.
In 2023, Peza approvals reached P175.70 billion in value, marking a 24.9 percent increase from the P140.7 billion it recorded in 2022.
Approved investments reached P69.30 billion in 2021, P95.03 billion in 2020, P117.54 billion in 2019, and P140.2 billion in 2018.
Currently, Peza has 423 economic zones across the country housing the facilities of 4,382 registered enterprises.