Foreign investors keen on doing business in PHL — PEZA chief

Foreign investors, including members of royal families in the Middle East, are interested in leasing lease land in the Philippines to be converted into Special Economic Zones (SEZs), according to the Philippine Economic Zone Authority (PEZA).

PEZA Director General Charito "Ching" B. Plaza told a forum she discussed with Sheikh Al Thani of Qatar the establishment of a halal food processing hub in Davao.

A foreign group is also interested in developing a million-hectare agriculture land, with the Philippines getting a portion of the profits, Plaza noted in a statement on Tuesday. The group was thinking of building schools and putting in place social development projects in the area.

The PEZA official noted she has proposed a defense industry SEZ with Russa, China, Israel and South Korea to boost the economy and strengthen Philippine national defense and manufacturing capabilities.

Bangko Sentral ng Pilipinas (BSP) data showed foreign direct investment in the country registered net inflows of $5.4 billion in the first eight months of the year, up 71.1 percent from a year earlier.

Plaza, a former Butuan City representative and one of the authors of the Special Economic Zones Law that created the PEZA, was appointed by President Rodrigo R. Duterte as PEZA chief in September. — Jon Viktor Cabuenas/GMA News