The Philippines’ economic zones are open to all foreign investors on the back of attractive investment arrangements set up by the government for businesses planning to operate in the country.
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President Ferdinand Marcos Jr. said foreign companies, including South Korean firms, could use Philippine economic zones to engage in business in the country.
In his recent interview with South Korea’s Maeyeong Media Group chairperson Chang Dae-hwan, Marcos said the Philippines’ economic zones are open to all foreign investors on the back of attractive investment arrangements set up by the government for businesses planning to operate in the country.
“We have economic zones where anyone can participate,” Marcos said, citing Clark City, Pampanga’s Clark Freeport and Special Economic Zone as an example.
Special business rules
Marcos said the Clark Freeport and Special Economic Zone has special business rules made by the government that make it a good place for foreign investors to put their money.
“It’s open for everyone and what it provides. It provides a place where there are special incentives, special tax breaks, especially tariffs on importation, [and] sales tax because they don’t sell into the country,” he added.
Marcos said that those special zones had worked out very well and that the government was counting on them to keep doing well, especially once the Luzon Economic Corridor is completed.
Joint investments
Revealed during the trilateral meeting with US President Joseph Biden and Japanese Prime Minister Fumio Kishida in Washington earlier this year, the Luzon Economic Corridor seeks to expedite joint investments in significant infrastructure endeavors within Subic Bay.
Various nations, such as the US and Japan, are committing to these initiatives, which prioritize enhancements in railway systems, port upgrades, renewable energy, semiconductor supply chains, agricultural enterprises, and improvements to civilian ports.
The Philippines can elevate its global status through the project, Marcos told Chang Dae-hwan.
Marcos said Philippine special zones have been very successful. He said the government is counting on them to bring more success to the country’s economy.
