The Philippines has opened up more avenues for UAE-based investors and huge conglomerates to explore possibilities of expanding operations in the Southeast Asian region through one of over 415 ‘eco zones’ managed by the Philippine Economic Zone Authority (PEZA).

In the ‘Global Biz with PEZA’ business briefing last February 15, PEZA showcased how the Philippines has optimized the process for setting up and/or expanding businesses through a dedicated one-stop shop that will take care of all of the investor’s documentary requirements such as visas, licenses, and other paperwork.

PEZA’s visionary, Brigadier General Dr. Charito Plaza, MNSA PhD, states that the Philippines, through an executive order signed by President Duterte, has allowed for foreign-owned companies to set up shop with ease under one of the dedicated economic zones which will depend on the kind of company the foreign investor is planning to build in the country.

“We are inviting 100% foreign-owned companies and they can also have a local partner with an existing Filipino company. They can bring their production here, they can utilize the different types of economic zones that fits the type of industries they have,” said BGen. Plaza.

Engaging session

The morning event, hosted by PEZA Group Manager for Promotions and Public Relations Group, Aleem Siddiqui Guiapal, began with a message from Philippine Ambassador to the UAE, H.E. Hjayceelyn Quintana.

This was followed by a BGen. Plaza’s talk on exploring Investment Opportunities for the Emirati Business Community and a message from Dr. Samir Hamrouni, Chief Executive Officer of the World Free Zones Organization.

Questions from the audiences comprised bulk of the event during the open forum led by Philippine Trade and Investment Center (PTIC) Dubai Commercial Attaché Charmaine Mignon S. Yalong, together with panelists from PEZA including Deputy Director General Tereso O. Panga (Policy and Planning), Deputy Director General Justo Porfirio Ll. Yusingco (Administration and Finance), and Atty. Mr. Abdol Bryan Labajo Barte, Marketing Director, Achievements Realty Corporation.

The event concluded with the signing of an MoU between PEZA and the World Free Zones Organization by BGen. Plaza and Dr. Hamrouni which now recognizes the Philippines as part of this global authority. PEZA DDG Yusingco then delivered the event’s closing remarks. PEZA Investment Promotions Division Chief Raison Arobinto spearheaded the facilitation of the participation of PEZA together with the private sector.

Huge investment opportunity

BGen. Plaza further said that investors should ride the wave of the Philippines’ trend of upward growth Statistics reveal that the Philippines witnessed a 5.6% GDP growth in 2021 and is expected to surpass its pre-pandemic numbers up to 7.1 per cent this 2022, making it an opportune time to invest.

In addition, the Philippines also presents investors with a wide array of incentives and benefits such as working with a young population that produces over a million graduates every year, equipped with proficiency in English as their second language. The Philippines likewise has an abundance of natural resources and has only two seasons as a tropical country, giving companies more time to continue expansion plans without having to worry about the winter season.

Its strategic position within the Southeast Asian region also makes it an ideal place to stock inventory for various products such as oil. This, along with other products, could then be distributed to the world with zero tariff thanks to the Philippines’ special incentive arrangement to the US and Europe’s ‘Generalist System of Preference Plus’ (GSP+).

“We are very competitive because first – with our incentives, the President can even give subsidies to investors who will invest in the countryside to develop our lands, bring in new technology and create huge numbers of jobs for Filipinos,” said BGen. Plaza.

The Philippine Economic Zone Authority (PEZA) promotes the establishment of economic zones in the Philippines for foreign investments. PEZA is also the Philippine government agency tasked to extend assistance, register, grant incentives to and facilitate the business operations of investors in export-oriented manufacturing and service facilities inside selected areas throughout the country proclaimed by the President of the Philippines as PEZA Special Economic Zones.

To learn more, visit: https://www.peza.gov.ph/