PEZA stands for Philippine Economic Zone Authority. It is a government agency established in the Philippines to promote investments, job creation, and economic development in the country. It was created in 1995 under the Republic Act No. 7916.
PEZA creates and manages economic zones in the Philippines, known as PEZA Zones or Special Economic Zones (SEZs). These zones are dedicated areas where businesses can operate with various incentives and benefits to support their growth and expansion. They are strategically located to attract both local and foreign investments.
In order to operate within a PEZA Zone, companies need to register with PEZA and comply with its regulations. PEZA ensures that the companies within its zones adhere to social responsibilities, labor laws, and environmental standards.
The incentives provided by PEZA include tax exemptions, duty-free importation of capital equipment and raw materials, simplified customs procedures, and streamlined business processes. These incentives aim to attract foreign direct investments, encourage export-oriented ventures, and boost job creation in the country.
PEZA acts as a facilitator between investors and the government, providing assistance in obtaining permits and licenses, and offering aftercare services to ensure the sustained growth of the businesses within its zones.
Overall, PEZA plays a crucial role in promoting economic development, attracting investments, and generating employment opportunities in the Philippines through the establishment and management of economic zones.
