Philippine Standard Time - Wednesday, September 27, 2023,

Industry associations, foreign chambers laud PEZA amidst row on investment monitoring

Tuesday, June 21, 2022

Pasay City – Choosing to focus on the positive side, various industry associations and foreign chambers on Tuesday have expressed firm and full support to the Philippine Economic Zone Authority’s (PEZA) positive performance and efforts to attract investors and promote the country as an investment haven—even being stellar investment promotion agency amidst the pandemic.

“Despite the recent attacks on PEZA and the other IPAs, we are both grateful and happy for the continuous trust and confidence our locators and partners from industry associations and foreign chambers,” expressed PEZA Director General Charito ‘Ching’ Plaza today.



Testimonies from partners

PEZA’s efforts and programs continues to be supported by industry associations and foreign chambers like the IT & Business Process Association of the Philippines (IBPAP) and the Confederation of Wearable Exporters of the Philippines (CONWEP), among others.

“While a strong private sector foundation helped pave the way for the industry to flourish, PEZA and its establishment of hundreds of special economic zones catering to IT-BPM locators facilitated the industry’s solid growth and expansion in the country. Together, PEZA and IBPAP worked in bringing in clients and investors, driving countryside development, and improving ease of doing business,” noted by IBPAP President Jack Madrid.

According to the CONWEP Executive Director Maritess Agoncillo, “PEZA’s regulatory transparency, no red-tape policy and one-stop shop services have greatly contributed to the growth and development of the Wearables industry and is recognized by our Filipino and foreign investors as a huge factor in keeping our investors’ trust and confidence in doing business in the country.”

PEZA manages a total of 417 ecozones hosting 4,362 registered business enterprises that contribute Php 4.036 Trillion of investments, USD$ 933.835 Billion exports, and employ 1.8 million workers.

Moreover, PEZA continues to contribute the highest in export income of 80% from export services and 64% export income from commodities and goods.


Investment-agencies must work together

Plaza explained, “PEZA itself is strict and firm in managing reports and compliances of RBEs nationwide. We have been penalizing RBEs failing to comply to reportorial requirements. Moreso, the agency abides to reportorial requirements under CREATE law.”

“If there are data that is still being awaited from our side, it is minor and it can be clarified without going through negative news about compliances. We are all together in realizing the goals of CREATE as well as promoting positive governmental relations and services to our stakeholders,” she added while expressing hope that FIRB stops negative stories against IPAs, but work together towards minor issues leading to full compliance being pushed.

Further, the Director General noted, “We must not rock the boat and create negative signals. Rather, we must strive to keep the trust and confidence of our investors in the Philippines and continue to show good performance despite the pandemic and other challenges. It is not easy to get investors especially during pandemic. Let us keep the legacy of Duterte administration of having the trust and confidence of investors, and continue this to the new administration.”

Making the Philippines an investment haven in Asia and improving the overall investment climate in the country is a whole-of-government approach. #