MARCOS: PH ECONOMIC ZONES OPEN TO ALL INVESTORS

MANILA, Philippines: President Ferdinand Marcos Jr. said the country's various economic zones were open to all foreign investors, citing the attractive investment arrangements set up by the government for businesses planning to operate in the Philippines.

Marcos issued the statement as he discussed the government's measures to transform the economy in an interview with a South Korean newspaper in Malacañang on Thursday,

"We have economic zones where anyone can participate," Marcos said when interviewed by Chang Dae-hwan, chairman of South Korea's Maeyeong Media Group.

The President said foreign companies, including South Korean firms, could seize the business and trade opportunities offered by the economic zones in the Philippines, including a common tax code and incentive scheme.

He also said that, in these economic zones, locator companies do not have to deal with every single local government unit.

Marcos cited as an example the Clark Freeport and Special Economic Zone in Clark City, Pampanga, where government arrangements for businesses have made it an attractive destination for foreign investments.

"It's open for everyone and what it provides. It provides a place where there are special incentives, special tax breaks, especially tariffs on importation, [and] sales tax because they don't sell into the country," he added.

Marcos said those special zones have been very successful and the government was counting on them to continue their success.

Since the start of the investment drive in the Philippines, "there have been many, many, very serious inquiries," he said.

Meanwhile, Marcos said the government would even do better once the Luzon Economic Corridor was completed.

"I expect it to be mostly American companies," he said. "They have come in, and I like to think that the reason for that is because we have set up a system that's attractive for their investment."

"And so, we'll continue to [do] that and will be able to do even better if the Luzon Economic Corridor is completed, and the travel times and the cost of travel of transport will be brought down," the President added.

Announced during his historic trilateral meeting with US President Joseph Biden and Japanese Prime Minister Fumio Kishida, the Luzon Economic Corridor aims to accelerate coordinated investments in high-impact infrastructure projects in Subic Bay.

Several countries, including the US and Japan, are investing in these projects which focus on rail, port modernization, clean energy and semiconductor supply chains and deployments, agribusiness, and civilian port upgrades.

"The Luzon Corridor is a demonstration of our enhanced economic cooperation, focused on delivering tangible investments across multiple sectors," Marcos, Biden and Kishida said in their joint statement.

"Through this corridor... Japan, the Philippines, and the United States commit to accelerating coordinated investments in high-impact infrastructure projects," they added.

2024-05-04T05:25:04Z dg43tfdfdgfd