MANILA – The Philippine Economic Zone Authority (PEZA) is actively pursuing increased investments from Singaporean companies by offering enhanced incentives and competitive industrial power rates:The Philippine Economic Zone Authority (PEZA) is actively pursuing increased investments from Singaporean companies by offering enhanced incentives and competitive industrial power rates, as announced during a recent business summit in Singapore.
According to Philippines News Agency, PEZA Director General Tereso Panga emphasized the country’s fiscal incentive regime during the 4th Philippines-Singapore Business and Investment Summit (PSBIS). He discussed the potential for even more generous incentives under the proposed CREATE MORE bill, which aims to attract substantial investments, particularly in energy-intensive industries like semiconductor and electric vehicle manufacturing.
Panga highlighted the lower industrial power rates available in some PEZA zones, which are comparable to the subsidized rates of other A
SEAN nations, addressing the critical needs of potential investors requiring stable and cost-efficient energy sources. He cited the success of companies such as Dyson and Amkor, which are already benefiting from PEZA’s offerings.
PEZA’s current portfolio includes 160 companies with Singaporean equity, contributing over USD 2 billion in investments and creating 127,000 jobs in the Philippines. Panga’s efforts to secure further investments included meetings with executives from Hi-P Singapore and ST Engineering, discussing expansion plans and the strategic advantages of investing in the Philippines.
Hi-P, which operates in the First Philippine Industrial Park, expressed intentions to expand its operations alongside its major client, Dyson. Meanwhile, ST Engineering recognized PEZA’s value proposition as aligning with its investment criteria.
PEZA also engaged with Singapore’s Agency for Science, Technology, and Research (A*STAR) to enhance cooperation in the pharmaceutical sector and foster stronger ties bet
ween industry and academia in both countries.
The summit, a collaborative effort by the Philippine Embassy in Singapore and various partners, concluded with affirmations of continued investment promotion and discussions on economic collaboration between the two nations.