Published: July 9, 2013 | Updated: August 2, 2020 | Posted by: Moneymax | Personal Finance
According to Ms. Bess J. Basa, Vice President of the Bank of the Philippines Islands (BPI) and Head of the Transaction Banking Division, BPI is the first bank to offer the Auto-Debit Arrangement (ADA) for PEZA locators.
The Philippine Economic Zone Authority (PEZA) is the government agency entrusted with responsibilities to promote investments, provide assistance and incentives, as well as facilitate the business operations of investors within the selected areas throughout the country (ecozones).
As an investment promotion agency, PEZA ensures that foreign investors who intend to establish their operations in the country will have available and suitable locations in the economic zones. The investors within the economic zones can gain advantages of the incentives offered by PEZA.
For the developers of the economic zones which include Industrial Estates, Export Processing Zones, I.T. Parks and I.T. Buildings as well as Locator Companies such as export enterprises and I.T. companies, they can enjoy the privileges such as exemptions from Corporate Income Tax for 4 years, permanent resident status for foreign investors and immediate family members as well as other incentives under the Executive Order No. 226.
The current method of settling bills with PEZA is time-consuming and susceptible to human errors. This is because the locators initially have to process the billings which are generated by PEZA as well as their respective payments manually, then prepare and send physical checks to PEZA. Besides, they have to line up at the PEZA office for payments and filings.
With the BPI ADA, locators can get rid of the burdensome routines such as check preparations and regular visitations to the PEZA office to make payments and filings. In other words, the ADA facility eliminates the handling of bulks of cash, and the locators no longer need to live in fear of missing the payment deadlines.
Locators can monitor their transactions online by accessing the BPI Expresslink website through their accounts. Applying for ADA is a one-time process. Locators only need to open accounts in any BPI or BPI Family Savings Bank branches and enroll it as their settlement accounts. ADA is a convenient and time-saving service that allows payments to automatically be debited from their settlement accounts on a regular basis.
During the interview, Ms. Bess J. Basa also said that the facility will be available initially in the Cavite ecozone, but it will soon be launched in the Baguio and Mactan ecozones later this year. Well, for the locators within the Cavite, Baguio and Mactan ecozones, it’s really good news that worth to be celebrated. Raise your glass up and say goodbye to the “full-cycle” payment methods that weigh you down.
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