The Department of Science and Technology (DOST) and the Philippine Economic Zone Authority (Peza) have signed an agreement to establish special economic zones (SEZs) in universities and colleges in the Philippines. These SEZs, known as knowledge, innovation, science and technology (KIST) parks, will incentivize research and tech development in fields such as biotechnology, food and nutrition, agriculture, engineering, electronics, robotics, renewable energy, transport solutions, data analytics, and artificial intelligence. These KIST parks will enjoy the same perks as other Peza zones, such as income-tax holidays, a preferential 5-percent tax rate on gross income, zero value-added tax (VAT) rating, as well as tax and duty-free importation of capital equipment, raw materials and supplies.
