4 days ago
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Germany-based Glenwood GmbH has opened a pioneering facility aimed at supporting pharmaceutical companies globally, becoming the first pharmaceutical services project in the country, according to the Board of Investments (BOI).
Glenwood Services Philippines, Inc. (GSPI), a subsidiary of Glenwood, has registered with the BOI based on the latter’s statement on Tuesday, March 11.
“This project reflects the relentless effort of the Philippine government to make more investments happen in the country and to position the country as Southeast Asia’s premier hub for smart and sustainable manufacturing and services,” the BOI said.
“By fostering a thriving investment ecosystem, the government continues to drive economic transformation and sustained growth,” it added.
The BOI, the lead investment promotion agency of the government, said GSPI’s entry into the local market highlights the country’s ability to meet international standards.
It noted that this will help position the Philippines as a major hub for highly specialized services in Southeast Asia.
GSPI, located in Taguig, offers quality, regulatory affairs, and pharmacovigilance services to help pharmaceutical companies ensure drug safety, manage risks, and maintain global compliance.
The BOI noted that the company is set to create high-level jobs that would meet the demand of the country’s pool of highly skilled professionals.
“We are amazed by the incredible talent in the Philippines. The education, skills, and training here is impressive,” said Glenwood General Manager Ferdinand Matz.
“We look forward to expanding our Pharmaceutical Services project and growing our presence in the Philippines,” he continued.
Matz acknowledged that the BOI played a crucial role in helping Glenwood establish its presence in the country, particularly through support and guidance throughout the registration process.
To recall, companies registered with the BOI are entitled to numerous fiscal and non-fiscal incentives.
In particular, the BOI said it manages incentives such as special corporate income tax rates, income tax holidays, value-added tax exemptions, and enhanced expense deductions, as indicated under simplified tax regimes.
These tax reliefs, as provided for by the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, and the amendatory CREATE Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, reinforces the country’s position as an attractive destination for foreign investors, it said.
Corporations that are 100 percent foreign-owned can avail of incentives if they can qualify based on the requirements, which include engaging in pioneer projects or having at least 70 percent of services for export.
