The Philippines Inks 23 Deals for Investments in Ecozones
The Philippines is home to numerous economic free zones; however, the 3 most important ones fall under the governance of the Philippines Economic Zone Authority (PEZA) which has recently started to reach out to various institutions with the purpose of creating new free zones and attracting foreign investors. Those who want to set up companies in the Philippines can rely on the services offered by our local consultants.
What are the agreements signed by the Philippines Economic Zone Authority?
Since the beginning of 2018, the Philippines Economic Zone Authority has signed 23 agreements with banks, universities and governmental agencies with the purpose of increasing investments flows in the existing free zones, but also in order to create new economic zones.
The agreements were singed with 6 Japanese banks which will offer financing solutions to local and foreign companies interested in expanding in the Philippines’ economic zones.
Several governmental agencies are also involved in PEZA’s initiative, as the authority is trying to ensure a large capacity of public lands for the development of ecozones. PEZA has already found a few land plots which together account for 5 million hectares which can be transformed into ecozones.
PEZA hopes to attract investors interested in the mining, manufacturing, research and development and maritime industries.
Our Philippines company formation agents can offer information on the legislation related to foreign investments.
The most important economic zones in the Philippines
At the moment, there are more than 300 ecozones which are managed by PEZA, however the largest 3 are Baguio, Cavite and Mactan. These are owned by PEZA and are dedicated for import-export activities. PEZA also manages economic zones in the manufacturing, IT, tourism, logistics and agro-industrial sectors.
Among these, the Subic Shipyard, the Cagayan Free Zone, Zamboanga Freeport and Clark Free Zone are the most appreciated by foreign investors operating in the Philippines.
Foreign investors who want to open free zone companies in this country can rely on our company registration advisors in the Philippines for information on the requirements imposed by PEZA. Please contact us if you need assistance in registering a company in the Philippines.