Batangas City, Philippines – In a move to enhance foreign direct investment in Batangas, key stakeholders from both the private and public sectors have joined forces. This collaboration aims to promote and attract investment to the province, as discussed during the First Batangas Local Economic Development and Investment Promotions Conference held at LIMA Park Hotel.
According to Philippines News Agency, head of the Philippine Economic Zone Authority (PEZA) Ecozone Development Department, the Philippines aims to become a leading investment destination in Asia. Daza emphasized PEZA’s role in encouraging the private sector to develop, maintain, and operate economic zones at no expense to the agency or the government. The government, through the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, offers a range of incentives to entice investors, including income tax holidays, a 5 percent Special Corporate Income Tax, duty exemption on importation of capital equipment, and VAT exemptions.
Maria Rosario Dominguez, director of the Board of Investments (BOI) Domestic Investments Promotion Service, elaborated on the CREATE law, highlighting its comprehensive incentive program. She defined Tier 1 businesses, which are highly preferred for investments, as those with significant potential for job creation and value creation through innovation.
The conference also saw Aboitiz InfraCapital, the developer of LIMA Estates in Batangas, announcing its expansion plans beyond Metro Manila, including a new development in Tarlac City. This move follows the recent acquisition of 200 hectares by LIMA Land Inc., a subsidiary of Aboitiz InfraCapital, from Luisita Land, Inc.