Cirtek units’ project approvals from PEZA

October 10, 2022

0 1 minute read

THE Philippine Economic Zone Authority (PEZA) has approved the application for expansion and new projects of the business units of Cirtek Holdings Philippines Corp., the firm said on Monday.

“The company is very glad for the continuous support and assistance of PEZA. Now that our country is attaining herd immunity and reopening its economy, the company is very optimistic that it would hit a significant increase in its export revenues,” the Cirtek group’s management said.

In a disclosure to the Philippine Stock Exchange, Cirtek Holdings said that the expansion project of its semiconductor arm segment Cirtek Electronics Corp. (CEC) received the approval of PEZA.

Likewise, the two new projects of Cirtek Holdings’ wireless and broadband arm Cirtek Advanced Technologies and Solutions, Inc. (CATSI) were also approved by PEZA.

The expansion project of CEC is for the manufacture of plastic and ceramic leadless chip carrier packages located at Laguna Technopark – Special Economic Zone in Biñan.

The approved project is entitled to a three-year income tax holiday (ITH) on incremental sales and 10 years of 5% special corporate income tax (SCIT).

Meanwhile, the first approved project of CATSI is the Quintel Multi-port Antennas for 5G application set to start operating in January next year. The project is entitled to a five-year ITH and 10 years of 5% SCIT.

Its second approved project is the manufacture of Analog Device, Inc.’s RF load boards and products set to start operating in April 2023.

Cirtek Holdings said that the new equipment and facility will be part of an additional business engine to both business units’ total operation and will not replace any of the two’s existing facilities.

“The approval of these two new projects and expansion project would culminate Cirtek Group’s continuing capability to open more business opportunities and to deliver relevant, complex, full turnkey solutions, and technological advancement of the company and its products,” its management said. — Justine Irish D. Tabile