Pasay City – Under the Duterte administration and despite the threats and challenges of the pandemic, the effects of the Russian-Ukraine war, the global inflation, and recession, the Philippine Economic Zone Authority (PEZA) continuously attracts new investments and expansions of existing investors and ecozone developer-locators nationwide.
PEZA being the top investment promotion agency (IPA) constantly enjoys the trust and confidence of its investors for its regulatory transparency, business assistance, reprieves, and support especially in surviving the threats of the pandemic and other crisis situations.
PEZA Director General Charito B. Plaza highlighted, “While domestic and other export enterprises not registered with PEZA were locked down, our registered business enterprises (RBEs) remain operational and though the pandemic affected their sales, PEZA’s registered industries maintained their operation and protected the jobs, livelihood, and the health of its more than 1.7 million direct workers which kept the Philippine economy afloat.”
While other IPAs were receiving a subsidy from the national government, Plaza shared, “As a self-reliant, self-sustaining, and resource-generating agency, PEZA does not get any subsidy, instead, we remit 50% of its yearly net profit as dividends to the national government. In fact, for 2021, we were able to remit PHP 898,471,582.39 million.”
“Also, from 2017 to 2021, under the Duterte administration, PEZA remitted PHP 5,611,028,918 billion, an 8.05 % higher than the 20 years from the past four presidents,” the PEZA Chief added.
Pride of recognitions
With PEZA’s brand of excellence, regulatory transparency, no red-tape policy, one-stop-shop, and non-stop shop services for investors, PEZA has received recognitions from local and international organizations for best practices among economic zones worldwide.
Recently this April, the Capital Finance International (CFI.co) announced that PEZA won CFI.co’s 2022 award for the Best Economic Zone Promotion in Southeast Asia. According to CFI.co, “PEZA acts as a catalyst for sustainable development in the Philippines, focusing on manufacturing, tourism, and industrial exporters as land and building developers. It provides a complete service to investors, assisting with business registration, tax incentives, and operational support.”
The IFC World Bank also recognized PEZA as “A shining example of successful regulatory reform improving the overall investment climate in the country and for continuously providing and enhancing the ease of doing business.”
Likewise, the US Department of State in 2020 mentioned that “the business environment is notably better within the special economic zones, particularly those available for export businesses operated by PEZA, known for its regulatory transparency, no red-tape policy, and one-stop-shop services for investors.”
Beyond the recognitions and milestones, PEZA Chief Plaza said, “PEZA leadership needs to be enterprising, creative, and resourceful in fulfilling its mandate, functions, and roles in triggering the growth of the MSMEs and every Filipino as suppliers, utilities, and facilities providers, truckers, forwarders, brokers, manufacturers, and everybody doing business in our economic zones.” (PEZA)