MANILA, Philippines — The Philippines remains as an attractive investment destination for Italian companies amid fears caused by government plans to rationalize existing fiscal incentives.
Italian Chamber of Commerce in the Philippines Inc. (ICCPI) executive director Lorens Ziller said while incentives are a very important factor among Italian investors, so are other aspects such as labor force and size of the local market.
“We are still very optimistic and positive about companies coming in,” he said.
“In regards with the incentives, we believe incentives will stay. But if they are being rationalized, since it is still not final, we believe that some amendments can still be made if necessary,” Ziller added.
He said at least 50 Italian companies have expressed interest to invest in the country since the start of the year.
The firms are engaged in a wide array of sectors that include industrial, manufacturing, services and trading.
Ziller said while some of the firms are still studying and finalizing their plans, some have already registered and are set to open offices soon.
“We in the ICCP are doing due diligence and market research for some of them just to make sure when they enter, they are completely ready,” he said.
“In June, we will be touring companies in PEZA to find the right ecozone for them where they will like to set up,” Ziller added.