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Panasonic Manufacturing Philippines Corp. has obtained registration from the Philippine Economic Zone Authority as a domestic market enterprise for its new projects in Laguna Technopark
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The registration covers PMPC’s manufacturing of electric fans, washing machines, and refrigerators
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It will allow the company to avail fiscal and non-fiscal incentives under the CREATE MORE law, such as income tax holidays for five years, enhanced deduction regime for 10 years, and duty-free importation of capital equipment, raw material, and accessories for 15 years
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PMPC said this development is expected to enhance the company’s cost efficiency and competitiveness in serving domestic markets
Panasonic Manufacturing Philippines Corp. (PMPC) has obtained registration from the Philippine Economic Zone Authority (PEZA) as a domestic market enterprise for its new projects in Laguna Technopark.
The PEZA registration allows the company to avail fiscal and non-fiscal incentives under Republic Act (RA) No. 12066, or the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE).
The registration covers PMPC’s manufacturing of electric fans, washing machines, and refrigerators, the company said in a regulatory disclosure on November 28.
Key incentives include income tax holidays for five years that will commence on the actual start of operations; enhanced deduction regime for 10 years with lowered corporate tax rate of 20%; and duty-free importation of capital equipment, raw material, and accessories for 15 years.
“This development is expected to enhance the company’s cost efficiency and competitiveness in serving domestic markets,” PMPC said.
The company announced last June that it will start construction of a new factory building in Sta. Rosa, Laguna by October after its factory building at Laguna Technopark in Sta. Rosa was totally destroyed by a fire in December 2023.
PMPC, a subsidiary of Japan’s Panasonic Holdings Corp., is a manufacturer, importer and distributor of electronic, electrical, mechanical, electro-mechanical appliances, other types of machinery, parts and components, battery and other related products bearing the Panasonic brand.
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