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Under Duterte’s administration, PEZA remits P5.6 billion in dividends to the national government.

MANILA, Philippines β€” During President Rodrigo Duterte’s administration, the Philippine Economic Zone Authority (PEZA) has contributed approximately PHP5.5 billion in dividends to the national government while luring investments and creating jobs for Filipinos.

The investment promotion agency (IPA) stated in a statement on Friday that it paid the national government a total of PHP5.6 billion in dividends from 2017 to 2021.

According to PEZA Director General Charito Plaza, the Duterte administration’s remittance in the last five years is greater than the aggregate dividends remitted by the previous four administrations from 1996 to 2016.

Past administrations gave PHP5.19 billion in dividends to the national treasury over a 20-year period.

PEZA paid the Bureau of the Treasury PHP898.47 million in dividends in 2021 alone (BTr).

“From 2017 to 2021, PEZA will continue to pay substantial dividends as a result of our existing and new investments, projects, and expansions. Despite the epidemic, operations in our ecozones are unaffected, and we continue to pay the national government 50% of our net income as dividends,” Plaza stated.

Meanwhile, PEZA’s corporate income tax (CIT) from 2017 to 2021 was PHP2.89 billion, accounting for more than half of the PHP4.96 billion in CIT collected between 1996 and 2016.

Between 1996 and 2021, the IPA remitted PHP18.66 billion to the national treasury, which was used for government programs and projects.

“Because PEZA does not get any government funding, we must be more proactive and creative in recruiting new investors, creating jobs, and increasing exports.” “This is one of our ways of contributing to the Duterte administration’s goals and legacy, particularly in reopening the economy and recovering from the consequences of the pandemic,” Plaza added.

PEZA pays dividends to the national government, but it does not receive any budgetary support, according to her, because it is “self-sufficient” thanks to the fees and other charges it collects from locators.

Permit and inspection fees, processing fees, sewerage/garbage, fines, and transshipment, service concession revenue, rent and leasing income, and utility system fees are among the sources of revenue stated by PEZA.

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