Trade Secretary Affirms Government’s Commitment to Create Enabling Environment for Investments
February 4, 2024 | 12:00am
MANILA, Philippines — Trade Secretary Alfredo Pascual affirmed the government’s commitment in creating an enabling environment for investments, citing efforts geared towards digitalization.
During the inauguration of Brother Industries Philippines Inc.’s third factory expansion on Friday, Pascual cited the Department of Trade and Industry (DTI)’s digital efforts aligned with the Ease of Doing Business (EODB) Act.
He said the DTI continues to boost its online services platforms, making it easier for businesses to start and operate in the Philippines.
Pascual added that the government has implemented transformative initiatives to attract investments, such as the implementation of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act that reduced corporate income tax rates, streamlined tax administration and provided various investment incentives.
“We are actively showcasing our skilled workforce, strategic location, and generous investment incentives to the world, tailoring opportunities to fit the needs of global investors such as Brother Industries Philippines,” Pascual said.
The company’s third factory located in the First Philippine Industrial Park, Tanauan, Batangas, is expected to create over 3,000 new jobs and boost the economy. It currently employs 9,000 workers.
The expansion aims to increase its production capacity to meet the growing demand for its product.
Pascual expressed optimism for the company’s future endeavors and reiterated the government’s support for businesses that contribute to the country’s economic growth.
“The DTI fully supports businesses in their vision for continued growth and expansion. We are committed to providing a supportive and enabling environment for companies like Brother Industries Philippines to thrive,” Pascual said.
Brother Industries Philippines is a subsidiary of Brother Industries Ltd., a Japanese multinational corporation and a leading manufacturer of printers, sewing machines, and other office equipment.
The company has been registered with the Philippine Economic Zone Authority (PEZA) as an export enterprise for almost 12 years and consistently received the PEZA Hall of Famer award.
The PEZA said Brother Industries has generated a total cumulative investment of P6.3 billion, including a capital investment of P3.74 billion for their third factory expansion alone.
“This aligns seamlessly with PEZA’s mandate, making us (PEZA and Brother Industries) a perfect fit for fostering a conducive environment for economic growth,” PEZA Director General Tereso Panga said.
