PEZA woos Indian firms to invest in Philippines

MANILA, Philippines — The Philippine Economic Zone Authority (PEZA) wants to see more Indian firms invest in the country.

In a statement, the investment promotion agency said it recently held a Global Biz forum for Indian firms to promote the Philippines as a viable investment destination.

During the same event, PEZA signed a memorandum of understanding (MOU) with the India Business Forum Association Philippines (IBF) as part of efforts to bring more Indian investors to the country.

Under the MOU, PEZA and IBF will be working together to promote the country to Indian investors.

Apart from signing the MOU, the PEZA also hosted the group for an investment promotions tour in Baguio City which is seen to offer an advantage for both foreign and local investors.

PEZA director general Charito Plaza said the agency’s partners help in efforts to promote investments, create jobs and generate exports for the country.

Given the partnership, Plaza said she is looking forward to seeing an increase in Indian companies registered with the agency and located in ecozones.

She said there are 29 Indian enterprises registered with PEZA, with a cumulative total of P10.315 billion worth of investments from 1995 until September this year.

As of August, she said Indian companies employ 21,950 workers and account for $181 million worth of exports.

“This partnership will pave the way for a new relationship between PEZA and IBF. Some IBF members are already interested to open an office in PEZA economic zones. Also, some members who are non-information technology-business process outsourcing, like those coming from the pharmaceutical background are also considering,” IBF president Dileep Tiwari said.

Plaza encouraged Indian firms to register with the PEZA to enjoy incentives under the Special Economic Zone Act of 1995 and the Corporate Recovery and Tax Incentives for Enterprises Act.

“PEZA as a one-stop and non-stop shop, will definitely assist our investors in their applications and also in looking for local partners for their investment activities,” she said.