Marcos: PH economic zones open to all investors

President Ferdinand "Bongbong" Marcos Jr. has underscored the readiness of Philippine economic zones to get businesses up and running in the country, saying these designated development sites are open to all foreign investors.

In an interview with Chang Dae-hwan, chairman of South Korea's Maeyeong Media Group on Thursday, the President stressed the business and trade opportunities available in the economic zones.

"It's not specifically only for Korea, only for one industry… but it's open for everyone and what it provides. It provides a place where there are special incentives, special tax breaks specially tariffs on importation, sales tax because they don't sell into the country," Marcos said.

The ecozones offer a common tax code and incentive scheme, Marcos said, thus locator companies do not have to deal with multiple local government units.

He cited the Clark Freeport and Special Economic Zone (CFEZ) in Pampanga and New Clark City in Tarlac where investment arrangements have been put in place.

"I expect it to be mostly American companies. They have come in and I like to think that the reason for that is because we have set up the system that's attractive for their investment," he said.

"And so, we'll continue to [do] that and will be able to do even better if the Luzon Economic Corridor is completed, and the travel times and the cost of travel of transport will be brought down," he added.

Last April, the United States (US) and the Philippines announced their shared commitment to advance the Luzon Economic Corridor under the Partnership for Global Infrastructure and Investment (PGI)-IPEF Investment Accelerator, to support connectivity between Subic Bay, Clark, Manila, and Batangas and investments in rail, port modernization, clean energy and semiconductor supply chains, and agribusiness.

Both the US and Japan have likewise committed to providing millions of dollars to fund Philippine projects in both infrastructure and technology, including the Luzon Economic Corridor.

Marcos said that "there have been many, many, very serious inquiries" about investing in the Philippines.

Total approved investments of the Philippine Economic Zone Authority (PEZA) in 2023 grew by 25% to P175.7 billion from P140.7 billion in 2022.

For 2024, the agency is targeting P250 billion worth of investments approved. — VDV, GMA Integrated News