PANASONIC Manufacturing Philippines Corp. has registered P3 billion worth of projects with the Philippine Economic Zone Authority (PEZA) as it moves to expand operations into the domestic market.
In a statement on Wednesday, PEZA said it signed registration and supplemental agreements with Panasonic covering its shift from a purely export-oriented operation to a hybrid setup.
“This latest expansion underscores Panasonic’s continued trust in the Philippines and in PEZA’s investor-friendly policies,” the agency said.
Under the expansion, the Japanese company will manufacture electric fans, refrigerators and washing machines at its facility in Laguna Technopark, where it has operated as an export enterprise since 2003.
The domestic-market operation is expected to start between 2026 and 2027 and create over 340 additional jobs during its incentivized period, PEZA said.
Panasonic ranks first in market share for refrigerators and washing machines in the Philippines, and second in air-conditioners, according to the agency.
In a Nov. 28 regulatory filing, the company said the PEZA registration qualifies it for fiscal and nonfiscal incentives under the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.
These include a five-year income tax holiday, 10 years of enhanced deductions and 15 years of duty-free importation of capital equipment, raw materials and accessories. — Justine Irish D. Tabile