MEMBERS of the Joint Foreign Chambers of the Philippines said on Wednesday that although they support the government’s move to reduce corporate income taxes, the incentives enjoyed by firms in areas under the Philippine Economic Zone Authority (Peza) should be retained.

In a press conference during the Arangkada Philippines forum, the American, Canadian, European, Japanese, and South Korean chambers of commerce, as well as the Philippine Association of Multinational Companies Regional Headquarters Inc. (Pamuri), said the rationalization of incentives under the second package of the government’s Comprehensive Tax Reform Program would have “negative effects” on foreign investors.