PEZA Eyes Increased Singaporean Investments in Philippine Ecozones

Oct 2024

The Philippine Economic Zone Authority (PEZA) is ramping up efforts to attract more Singaporean investments, especially in high-impact, energy-intensive sectors such as semiconductors and electric vehicle manufacturing. At the 4th Philippines-Singapore Business and Investment Summit (PSBIS), held in Singapore, PEZA Director General Tereso Panga emphasized the Philippines’ competitive fiscal incentives, highlighting the forthcoming CREATE MORE bill, which offers additional perks for large-scale investments.

Panga pointed out that industrial power rates in some of the country’s ecozones are lower than the national average and can rival the subsidized rates offered by other ASEAN countries. This is a significant draw for energy-intensive industries seeking cost-effective and stable power sources.

PEZA currently hosts 160 Singaporean-invested companies, including Dyson, Amkor, and Knowles Electronics, which have collectively generated $2 billion in investments and 127,000 direct jobs in the Philippines. Panga also met with representatives from Hi-P Singapore and ST Engineering to discuss potential expansions. Hi-P, which already operates in the First Philippine Industrial Park (FPIP), is planning further growth, spurred by its key client, Dyson.

Additionally, PEZA is looking to strengthen ties with Singapore’s research sector, particularly with the Agency for Science, Technology, and Research (A*STAR). This collaboration aims to bolster the Philippines’ pharmaceutical ecozones and enhance knowledge, innovation, and technology parks.

PEZA’s push for Singaporean investments aligns with the country’s broader goal of fostering economic growth and supporting President Ferdinand Marcos Jr.’s vision of elevating the Philippines to an upper middle-income economy. The summit, organized by the Philippine Embassy in Singapore, concluded on September 19, 2024, with Finance Secretary Ralph Recto delivering the keynote address.

(Source: Philippine News Agency)

 

About Us

Orissa International helps companies that want to develop a market entry strategy for Southeast Asia or implement their business expansion into the region. We have very strong domain knowledge of markets and industry sectors, and a business network of over 16,000 companies that includes distributors, resellers, system integrators and local manufacturers, that we have built through advising and guiding more than 5,000 companies with their market expansion into the ASEAN region over the last 25 years.

Orissa International is headquartered in Singapore, with additional offices in Malaysia, Indonesia, Thailand, Vietnam, and the Philippines.

Our Services