MANILA, Philippines - A subsidiary of Japanese engineering and electronics firm Toshiba Corp. is seeking incentives from the Philippine Economic Zone Authority (PEZA) for the local production of hard disk drives.
“Toshiba Information Equipment Philippines Inc. with plant site at the Laguna Technopark – Special Economic Zone has filed with the PEZA an application for pioneer status to be granted to its production of new generation 2.5-inch hard disk drive based on newness of product and technology,†the PEZA said in a published notice yesterday.
PEZA said the application has been officially accepted and is currently being processed.
If approved, the firm would be able to enjoy income tax holidays for six years.
The PEZA, an attached agency of the Department of Trade and Industry, is tasked to promote investments, extend assistance, register, grant incentives as well as facilitate the business operations of investors engaged in export-oriented manufacturing in areas proclaimed by the President of the Philippines as PEZA Special Economic Zones.
Aside from export manufacturing, other activities which could qualify for PEZA registration and incentives are information technology service export, tourism, medical tourism, agro-industrial export manufacturing, agro-industrial biofuel manufacturing and logistics and warehousing services.
PEZA, likewise, gives incentives to firms engaged in the development and operation of economic zones.
The government offers incentives to encourage investments to be made in the country.