Japanese medical device factory registers at PEZA
The Philippine Economic Zone Authority (Peza) has approved the registration of the microcatheter manufacturing facility of Japanese firm Kaneko Medical Philippines Inc., which will open at the First Philippine Industrial Park – Special Economic Zone in Batangas.
“This agreement marks a significant step forward in the country’s industrial and economic growth, particularly in the medical instruments manufacturing industry,” the Peza said in a statement on Monday.
The investment promotion agency said the agreement, which was signed on June 26 at the Peza head office in Pasay City, would pave the way for the manufacturing of microcatheters. These devices are seen as essential in various medical procedures, with the beginning of its local manufacturing representing a sophisticated and critical segment of the medical device industry.
The Peza added that the establishment of the manufacturing plant in Batangas was expected to significantly contribute to the global supply chain.
Companies that have their registered with Peza enjoy a number of fiscal and nonfiscal incentives depending on the location and the nature of business.
For exporters, fiscal incentives include an income tax holiday for four to seven years and a special corporate income tax rate of 5 percent or enhanced tax deductions for 10 years.
Meanwhile, domestic market-focused enterprises are given an income tax holiday of four to seven years or enhanced tax deductions for five years.
This investment from Kaneko is one of the pledges secured by Peza director general Tereso Panga during the investment mission to Tokyo in September last year.
