PEZA begins partnerships with local and foreign banks for credit facilities for ecozone development, facilities, utilities, and supply chain
02 March 2021 (Tuesday)
Pasay City – Last Wednesday, the Philippine Economic Zone Authority (PEZA) had its first of its monthly-forum called “Global Biz” for 2021 as part of its PEZA’s 26th Anniversary held on 24 February 2021 at the PEZA Auditorium.
PEZA started the year 2021 with Global Biz that hosted its foreign and local banks such as the Bangko Sentral ng Pilipinas (BSP), Development Bank of the Philippines (DBP), Philippines National Bank (PNB). The said forum also included Japanese banks namely, the Sumitomo Mitsui Banking Corporation, Mizuho Bank, MUFG Bank, and the Singaporean financial institution, the Passion Venture Capital.
With the theme, “Creating Credit Facilities for Ecozone Developer, Export Enterprise, Suppliers, Logistics, Transportation Hubs, Utilities Facilities, Public Works, IT Infrastructures, and Everyone Doing Business in the Philippine Zone”, the Global Biz forum aims to achieve PEZA’s worldview, “Thinking Global, Acting Local” as outlined in its 10-Point Program to fully industrialize, enhance the efficiency, and competitiveness of the Philippines as an investment haven in Asia.
PEZA Director General Charito “Ching” Plaza said, “It is our goal that through this month’s Global Biz, local and international banks will be encouraged to put up credit facilities in our economic zones to address the efficiency factors like logistics, transportation hubs, public works, and infrastructures as well as to enhance the ease of doing business in the Philippines.”
Islamic Financing Opportunities in the Philippines
The BSP Executive Vice President, Attorney Noel P. Tianela delivered his Keynote Address. He discussed the opportunities of developing Islamic Banking and Finance in the Philippines. Tianela said, “Big populations can be tapped and be included in banking systems if there are robust and expanded Islamic Banking System as this can promote inclusive finance and address the demand of Muslims for Shariah-compliant financial products.”
According to Tianela, “Islamic Banking Systems should be anchored on principles that would lead the economy to greater financial stability.”
The BSP is anticipating more domestic banks to open their own Islamic banking units and foreign banks applying for their own Islamic banking license. He added, “We are now starting to provide a comprehensive regulatory framework conducive with a level-playing field for Islamic banking product and services, vis-à-vis, or that could operate alongside the conventional banking system.”
Credit Facilities of the DBP and PNB
The DBP Vice President and Head of the Program Development Management I, Mr. Noli Cruz graced the event as one of the resource speakers. Cruz highlighted that DBP’s core support to PEZA’s locator companies will be on infrastructure development. “This includes power, water, transport, logistics, housing, solid and hazardous wastes, and sanitations. DBP can also support the entire value chain of locator companies especially the small and medium enterprises and other areas needing development interventions.” Cruz said.
According to him, “DBP adheres to sustainable development thus, supporting projects that advance environmental protection believing that sustainable growth is purely hinged on total human development.” Cruz also pointed out that DBP is a strong advocate that promotes the well-being of Filipinos across the nation.
In a statement by the PNB Senior Vice President Jean Marie Baruelo, she said, “We intend to provide you comprehensive financial solutions spanning from your investments as you set up your operations in the Philippines all the way to your growth and development as we aim to partner with you as your financial partner of choice.”
Similar to the DBP, PNB also offers corporate or institutional loans, launching their sustainable finance network that aims to further support and promote such as renewable energy, clean transportation, energy efficiency, pollution prevention control, climate change adaptation, and terrestrial and aquatic biodiversity conservation.
Further, PNB can assist in investment banking solutions, global trade services, cash management solutions, and electronic payment solutions. Baruelo also encouraged foreign investors in the event that the PNB can assist them in queries on setting up establishment operations in the country and finding partners for joint ventures for local expansion.