The Philippine Economic Zone Authority (PEZA) is holding its first investment mission to India in the fourth week of July to diversify its country-source of investments and industry mix.
PEZA, in partnership with Hongkong and Shanghai Banking Corp. (HSBC), will target leading Indian companies in pharmaceuticals and IT frontier technologies, including AI, blockchain and fintech.
“This will complement our efforts to attract more investments and trade from India as part of our government’s global supply chain de-risking strategy and as we pursue in PEZA our new types of ecozones such as pharmaceutical and medical device manufacturing ecozones, e-tech hubs and knowledge, innovation, science and technology (KIST) parks to promote innovation and niche technologies,” said PEZA director-general Tereso Panga.
“All of these, on top of our recent push to engage local business titans into the ecozone program, give PEZA a positive outlook for the remainder of 2024,” he said.
PEZA expressed hope that the passage of CREATE MORE bill soon would empower other investment promotions agencies (IPAs) to attract more investments that will generate the jobs, exports, countryside development and other economic opportunities for the country.
It said that with an upgraded version of the CREATE law, the Philippines could be more attractive as an investment destination in the region.
Panga said the Philippines, to sustain its GDP growth momentum as one of the fastest-growing economies in the region, should reinforce and diversify its growth drivers, boost investments and improve its export performance.
PEZA’s ecozone development program serves as a catalyst for industrial growth and economic development in the Philippines.
It offers a wide range of fiscal and non-fiscal incentives to attract foreign and domestic investments, including income tax holidays, tax and duty-free importation of capital equipment and raw materials, simplified import-export procedures, and special visa privileges for foreign investors and their dependents.
PEZA said its ecozones provide a conducive business environment with world-class infrastructure, reliable utilities and a skilled workforce.
