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)