Cirtek Holdings Philippines Corporation announced that the application for the registration in the Expansion Project and New Projects of its two business units namely CIRTEK ELECTRONICS CORPORATION (CEC) and CIRTEK ADVANCED TECHNOLOGIES AND SOLUTIONS, INC. ¡ PHILIPPINE BRANCH (CATSI), were APPROVED by the Philippine Economic Zone Authority (PEZA) Board during its 29 September 2022 meeting. The Company received PEZA Certificate of Board Resolution on 05 October 2022 and 07 October 2022 respectively. The approved application of its semiconductor arm segment, CIRTEK ELECTRONICS CORPORATION (CEC) for the registration of its Expansion Project specifically for the manufacture of Plastic and Ceramic Leadless Chip Carrier (LCC) Packages, is at 116 East Main Avenue Phase V, SEZ, Laguna Technopark -Special Economic Zone (LT-SEZ), Bi±an, Laguna.

CEC will start the commercial operations on or before January 2023. The said approved project shall be entitled to three (3) years Income Tax Holiday (ITH) on incremental sales and the 5% Special Corporate Income Tax (SCIT) for ten (10) years as provided for under the provisions of RA No. 11534 or the CREATE Act, subject to CEC's signing of a Supplemental Agreement with PEZA, under standard registration terms and conditions and to the additional conditions as required by the Agency.

Meanwhile, CIRTEK ADVANCED TECHNOLOGIES AND SOLUTIONS, INC. ¡ PHILIPPINE BRANCH (CATSI), wireless, broad band business segment of CHPC approved the application for the registration of its two (2) New Projects. The first approved New Project, engage in the assembly of Quintel Multi-port Antennas for 5G application, at the Laguna Technopark ¡ Special Economic Zone. CATSI will start the commercial operations of the approved project on January 2023.

The approved project shall be entitled to five (5) years Income Tax Holiday (ITH) and the 5% Special Economic Income Tax (SCIT) for ten (10) years as provided for under the provisions of RA No. 11534 or the CREATE Act, subject to CATSI's signing of a Supplemental Agreement with PEZA, under standard registration terms and conditions and to the additional conditions as required by the Agency. On the other hand, the second approved New Project of CATSI is for the manufacture of Analog Device Inc.'s (ADI) RF Load Boards and other ADI products, at the Laguna Technopark ¡ Special Economic Zone (LT-SEZ).

CATSI will start the commercial operations of the approved project on April 2023. The said approved project shall be entitled to the incentives as provided for under the provisions of RA No. 11534 or the CREATE Act, this is also subject to CATSI's signing of a Supplemental Agreement with PEZA, under standard registration terms and conditions and to the additional conditions as required by the Agency.

The new equipment and /facility will be part as an additional business engine incremental to both CEC and CATSI's total operations. Likewise, this does not merely replace in any of CEC and CATSI's existing facilities.