i01 Peza, BI sign data sharing agreement to boost visa service

MANILA, Philippines — The Philippine Economic Zone Authority (PEZA) on Thursday said it signed a data sharing agreement with the Bureau of Immigration (BI) as part of its bid to improve its investor visa services.

The PEZA said the agreement was built on a memorandum of agreement established in 2021, highlighting that the partnership between the two government agencies has been instrumental in safeguarding national security while advancing the government’s interests through the efficient processing and issuance of PEZvisas (PVs).

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“This collaboration is essential in facilitating trade and investments as it is anchored not just in the inefficient cross-border movement of goods or capital, but equally important is the movement of people,” PEZA Director General Tereso Panga said in a statement,

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“These are your locator company foreign nationals, top executives, production and R&D engineers, machine technicians, and knowledge workers who form part of the ecozone supply and value chains,” he said further.

READ: Peza aims to open around 30 new ecozones in 2025

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According to data obtained by the Inquirer from PEZA, they issue around 7,000 visas on a yearly basis.

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The PEZA said the agreement also signals their shared commitment to facilitating optimal operations, enhancing security, and ensuring compliance with the Data Privacy Act of 2012, and other relevant issuances and guidelines set by the National Privacy Commission (NPC).

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Further, the PEZA said the agreement is part of a broader initiative to enhance the efficiency and effectiveness of information exchange, which is essential for the seamless implementation of PEZA Visas for foreign nationals working within ecozones.

During his speech at the 2023 Philippine Mineral Industry Environmental Award (PMIEA) in Malacañang, he emphasized the Philippines’ potential as one of the world’s mineral-rich countries.

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To recall, PEZA has previously entered a similar agreement with the Department of Labor and Employment (DOLE) in December last year.

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The government investment promotion agency said that this reduction in bureaucratic hurdles will enable foreign investors to better navigate the country’s regulatory landscape with greater ease and allow them to kickstart their business operations without unnecessary delays.

To date, there are around 427 operating economic zones in various locations across the Philippines housing businesses of both local and foreign investors.

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Businesses registered under PEZA enjoy fiscal and non-fiscal incentives, with exporters getting an income tax holiday of 4 to 7 years, as well as a special corporate income tax rate of 5 percent or enhanced deductions for 10 years.

Meanwhilei01, domestic market-focused enterprises are given an income tax-holiday of 4 to 7 years or enhanced deductions for 5 years.

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