By Prince Golez
The Philippine Economic Zone Authority (PEZA) expects more foreign direct investments (FDIs) to register this year following President Ferdinand Marcos Jr.’s trip to Switzerland for the World Economic Forum (WEF).
Deputy Director General Aleem Siddiqui Guiapal reported in a media forum that investments approved by the PEZA increased by 103 percent to P140.7 billion for the last quarter of 2022.
Once investment pledges are sealed, PEZA arranges for the visits of investors in various locations across the country and ensures a smooth follow-through on commitments made, according to Guiapal.
“We arrange for their visit na mapuntahan iyong mga location. In fact, recently ay nag-materialize na iyong isa sa mga investment last year, for example, if you’re familiar iyong bagong investment na pumasok sa amin sa Zeco – ito po ay isang kumpanya mula sa Switzerland, nag-invest dito sa ating location sa TECO (industrial park) in Pampanga,” he explained.
“When they came here, noong nag-pledge sila, ang unang ginawa ng ating ahensiya ay nakipagpulong po kami sa kanilang top management. Minsan po kailangan puntahan ng management ang PEZA sa ibang bansa, mayroon din naman pong pamamaraan na sila iyong pumupunta dito, iniikot natin sila sa mga lokasyon kung saan sila puwedeng mag-locate,” he added.
Meanwhile, Department of Trade and Indudstry Undersecretary Ceferino Rodolfo praised the Marcos administration for pursuing “game-changing reforms,” such as amending the implementing rules and regulations (IRR) of the Renewable Energy Act of 2008 to allow 100 percent foreign capital in renewable energy projects.
“And this is very important… ang perennial na complain ng mga investor sa atin is that Philippines– ang pinakaproblema natin is the high energy cost, high power cost compared with our neighbors,” said Rodolfo.
“Pero nagbabago na ho kasi iyong mundo, nakikita natin that globally there is now a greater demand for sustainability because of climate change kaya nagiging importante iyong renewable energy,” he added.
The government’s economic team said that Marcos Jr. accomplished a lot during his participation in the WEF, notably by conveying the Philippines’ success story and encouraging investors to the country.
Several global corporations and investment firms have also expressed interest in establishing operations in the country.