DOF: Peza 'clueless' on funds brought in by tax perk-enjoying investors

The Fiscal Incentives Review Board (FIRB) has criticized the Philippine Economic Zone Authority (PEZA) for providing incomplete data on investments by its locators.

Finance Secretary Carlos Dominguez III, who chairs FIRB, stated that PEZA failed to submit complete information regarding investment levels and market coverage of some companies.

In response, PEZA claimed it still had time to provide the required reports to FIRB.

The DOF noted that PEZA's lack of tracking on actual investments made by its locators since the implementation of the CREATE Act is ironic given that PEZA grants tax incentives to these businesses.