PEZA freezes factory sites rental rates

The Philippine Economic Zone Authority has decided to temporarily freeze increases in lease rentals for factory sites and made flexible the availment of income tax holidays to assist investors, who are reeling from the global financial crisis, and save jobs amid closures of factories, layoffs and retrenchments of workers from the various economic zones in the country.

PEZA director-general Lilia B. de Lima told reporters the Board has reached the decision as a remedial measure to keep the operations of the affected companies going and to avoid further layoffs because of the crisis.

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