PEZA celebrates 29 glorious years of eco-zoning the Philippines towards inclusive and sustainable development

Photo from facebook.com/PEZAPH

Over the course of 29 robust years, the Philippine Economic Zone Authority (PEZA) has had the privilege of witnessing the remarkable growth and vibrancy of our economic zones.

PEZA Director-General Tereso O. Panga

Heeding the call of President Ferdinand Marcos, Jr., alongside the vision of Department of Trade and Industry (DTI) Secretary and PEZA Board Chairman Alfredo E. Pascual and SAPIEA Secretary Frederick D. Go, PEZA has been offering the optimal location and business ecosystem for investors through its ecozone program. This emphasizes its renowned one-stop-shop function and commitment to providing no red tape, but only red-carpet treatment since 1995.

Together with its lean and mean workforce, PEZA has consistently focused on the benefits and advantages for investors with the range of fiscal incentives, such as Income Tax Holiday, Special Corporate Income Tax (SCIT), tax- and duty-free importation, zero VAT on local purchases, as well as its green initiatives, digitalization, and Ease of Doing Business (EODB) measures, among others. These serve as a testament to the Philippines’ appeal as an attractive base for offshore activities.

Looking forward, PEZA is streamlining the array of policy differences and addressing pain points that deter investors from entering the Philippines. This includes leveraging key legislations such as CREATE MORE to further enhance the business environment for our stakeholders. Additionally, an international forum on smart, sustainable, and green ecozones is scheduled for April 2024 to promote sustainability further.

As part of PEZA’s intensified efforts for aggressive promotion, seven priority sectors — advanced manufacturing, green ores processing, agriculture and blue industries, IT services and frontier technologies, eco-industrial park development, science, technology, and innovation, integration of Small and Medium Enterprises (SMEs) — are identified, diversifying investment attraction strategies. Aligned with evolving economic and technological landscapes, it is also venturing into new frontiers in ecozone development, moving beyond conventional types to encompass various categories, including mineral processing zones, renewable energy parks, knowledge, innovation, science and technology (KIST) parks, aquamarine ecozones, biotech centers, and mega pharmaceutical ecozones.

Through these endeavors, PEZA anticipates a positive upswing in the economy, fueled by upcoming strategic and large-scale investments. Its optimism is deeply rooted in its mindset to not only meet but exceed its P250 billion target for the year 2024.

As the economy gains momentum and upward trajectory signified with the constant increase in PEZA’s performance since President Marcos Jr. assumed office, PEZA commits to continue fostering the business environment for its valued locators so that it can better contribute to lowering the country’s trade deficit and more importantly, create employment opportunities for fellow Filipinos.

This journey has been characterized by an unwavering commitment to PEZA’s reinvigorated mission and mantra of eco-zoning the Philippines towards inclusive and sustainable development.