PEZA exec: Davos trip to attract foreign investors

The Philippine Economic Zone Authority (PEZA) expects foreign direct investment (FDIs) to rebound following President Ferdinand “Bongbong” Marcos Jr.’s trip to the World Economic Forum meeting in Davos, Switzerland.


Deputy Director General of the Authority, Alim Siddiqui Joyaba. Photo from the Philippine Economic Zone Authority’s Facebook page

Deputy Director General of the Authority, Alim Siddiqui Joyaba. Photo from the Philippine Economic Zone Authority’s Facebook page

Speaking at a news forum on Saturday, the authority’s deputy director general, Alim Siddiqui Jayapal, said the president’s participation in the annual gathering, during which global businessmen and political elites discuss pressing global issues, would boost investor confidence in the country.

“The president’s program is good and sound. First of all, the political will of a certain country to ensure that the business climate and landscape are good for investments, especially foreign direct investment, is a good message,” said Giapal.

He also stated that investments approved by the authority jumped 103 percent to 140.7 billion pesos in the fourth quarter of 2022.

While these are still commitments rather than actual investments, Guiapal said PEZA has been following up with potential investors.

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“When they come here after making pledges and deals, the first thing the authority does is talk to its senior management,” he said.

“Sometimes the agency also has to travel outside the country to meet them or they go here and we tour potential locations where they can locate them,” Gopal added.

He claimed that the beginning of the year had already been very busy for the Authority.

“We have a lot of potential investors visiting us,” Goipal said, adding that some of the investors were from countries Marcos visited earlier.

Meanwhile, Undersecretary of Commerce and Chairman of the Administrative Investment Board Severino Rodolfo noted “game-changing reforms” being pursued by the Marcos administration, including amendments to the executive rules of the 2008 Renewable Energy Act to allow for 100 percent foreign capital.

“[T]is of great importance, [as] Rodolfo said a very consistent complaint from investors regarding our country is that we not only have a high cost of energy but it is higher compared to our neighbors in ASEAN (Association of Southeast Asian Nations).

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