01/30/2009 [ tribune.net.ph ]
The Philippines Economic Zone Authority (Peza) is suspending for a year the five percent annual increase in rental fees in four government-owned economic zones in the country to help locators who may be affected by the current economic turmoil.
Peza director Lilia de Lima said it was agreed by the Board to freeze the increase in rental rates in government zones effective January this year.
The government is running four economic zones including the Cavite Economic Zone, Baguio City Economic Zone , Bataan Economic Zone and Mactan Economic Zone in Cebu.
Citing the example in Bataan which De Lima said has the cheapest rate among the four zones, Peza will continue to charge the 2008 rate at P15.36 per square meter. At five percent annual raise, its rental fee should be at P16.13 per sq m.
De Lima explained it was Peza’s decision to hold its rental rates increases at least for one year in order to help existing locators, as well as attracting new investors.
Apart from this, Peza is also working closely with the Board to Investments in providing flexibility in the availment of income tax holidays.
“ We will be in tandem with the BOI in allowing affected companies to hold the availment terms of income tax holiday, we also stop the clock.” Ayen Infante
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