Philippines develops economic zones
Philippine President Ferdinand Marcos Jr. has said various economic zones in the country are open to all foreign investors and hoped that foreign companies can seize the business and trade opportunities from these economic zones.
Philippine President Ferdinand Marcos Jr. Photo courtesy of bowergroupasia.com.
Speaking last Friday, the President cited as example the Clark Freeport and Special Economic Zone (CFEZ) in Clark City, Pampanga where government arrangements for businesses have made it as an attractive destination for foreign investments.
The special economic zones, he said, offer one common tax code and incentive scheme. In these zones, locator companies don’t have to deal with every single local government unit (LGUs).
Marcos added that when the country's Luzon economic corridor is completed, it will help to bring down time and cost of transport.
In April 2023, the US and the Philippines announced their shared commitment to advance the Luzon Economic Corridor under the Partnership for Global Infrastructure and Investment (PGI)-IPEF Investment Accelerator, to support connectivity between Subic Bay, Clark, Manila, and Batangas and investments in rail, port modernization, clean energy and semiconductor supply chains, and agribusiness.
Both the US and Japan have likewise committed to providing millions of dollars to fund Philippine projects in both infrastructure and technology, including the Luzon Economic Corridor
- Related News
- Read More
Thai soup 'Tom yum kung' becomes new UNESCO intangible cultural heritage
"Tom yum kung", the iconic spicy and sour Thai prawn soup, has officially been inscribed on the UNESCO representative list of the Intangible Cultural Heritage of Humanity.
Southeast Asia - Tue, December 10, 2024 | 6:48 pm GMT+7
Thailand steps up crackdown on cheap imports
Thailand has recorded a decrease of 20% in low-quality imports, mainly from China, since restrictions on cheap imports that hurt business in Southeast Asia's second-largest economy were imposed, government spokesperson Sasikarn Wattanachan said on Monday.
Southeast Asia - Tue, December 10, 2024 | 6:46 pm GMT+7
Indonesia’s national rice stock at 8 mln tons by year-end
Indonesia's Coordinating Minister for Food Zulkifli Hasan said on Monday that the national rice stock has reached eight million tons by the end of 2024, so there will be no need for additional imports, including for next year.
Southeast Asia - Tue, December 10, 2024 | 6:43 pm GMT+7
Indonesia boosts trade cooperation with EU
Indonesia's Ministry of Investment and Downstreaming plans to establish an European Union (EU) desk to enhance trade cooperation with the bloc, said Minister Rosan Roeslani, who is also head of the Investment Coordinating Board (BKPM).
Southeast Asia - Tue, December 10, 2024 | 6:38 pm GMT+7
Energy China seeks offshore wind power cooperation with Vietnam Electricity
China Energy Engineering Corporation Limited (Energy China), a major solution provider for the power industry in China, seeks to collaborate with state utility Vietnam Electricity (EVN) in offshore wind power.
Energy - Tue, December 10, 2024 | 4:57 pm GMT+7
Foxconn’s subsidiary Shunsin to build $65 mln factory in Vietnam
Shunsin Technology (Vietnam) Company Limited, under Foxconn’s subsidiary Shunsin Technology, will soon build a factory in Vietnam, with a total cost not exceeding TWD2.11 billion ($65 million).
Industries - Tue, December 10, 2024 | 4:23 pm GMT+7
Vietnam-based food sourcing startup Kamereo nets $7.8 mln in Series B funding
Kamereo, a food sourcing startup based in Vietnam, has secured $7.8 million in a series B funding round, bringing its total funding to $15 million over six years of operation.
Companies - Tue, December 10, 2024 | 4:17 pm GMT+7
International visitors astonished by Phu Quoc island’s rapid transformation
Phu Quoc offers world-class tourism products, leaving international visitors amazed every time they return, according to top travel agencies, airlines, and leading online travel platforms.
Travel - Tue, December 10, 2024 | 4:09 pm GMT+7
Northern Vietnam industrial province licenses 5 FDI projects worth $140 mln
Vietnam’s northern industrial province of Vinh Phuc has granted investment certificates to five foreign-invested projects totaling nearly $140 million.
Investing - Tue, December 10, 2024 | 2:44 pm GMT+7
Ground broken for military-civil airport project in northern Vietnam
The Ministry of Public Security on Tuesday broke ground for a military-civil airport project in Bac Ninh province, a neighbor of Hanoi and an emerging industrial hub in northern Vietnam.
Infrastructure - Tue, December 10, 2024 | 2:18 pm GMT+7
Vietnam urges China's construction giants to join infrastructure projects in Hanoi, HCMC
Vietnamese Prime Minister Pham Minh Chinh on Monday urged China Pacific Construction Group (CPCG) and other Chinese construction giants to study and join major infrastructure projects in Hanoi and Ho Chi Minh City.
Infrastructure - Tue, December 10, 2024 | 1:04 pm GMT+7
Japan retailer Aeon begins building $164 mln mall in central Vietnam
Aeon Mall Vietnam, under Japanese retail giant Aeon Mall, kicked off the construction of its VND4,157 ($163.8 million) Aeon Mall Thanh Hoa in the central province of Thanh Hoa on Monday.
Industries - Tue, December 10, 2024 | 10:25 am GMT+7
Japanese firms ask for immigration procedures to be eased, VAT invoice issuance quickened
Japanese companies urged for immigration procedures to be eased, issuance of VAT invoices expedited, and traffic congestions addressed in a dialogue with Ho Chi MInh City leaders on Monday.
Economy - Tue, December 10, 2024 | 9:45 am GMT+7
New legislative changes to foster growth across various sectors: lawyer
The National Assembly, Vietnam's legislature, in late November 2024 passed 18 new and amendment laws, along with 21 resolutions. Anh Dang, a senior partner at Vilaf law firm, offers an insight into key aspects of several new laws that will come into force in 2025 and their potential impact on business activities.
Consulting - Tue, December 10, 2024 | 8:15 am GMT+7
Indonesia’s GDP to reduce by $1.3 bln due to VAT hike
The planned increase in Indonesia’s value-added tax (VAT) rate from 11% to 12% could reduce the country's GDP by IDR 21 trillion ($1.3 billion), economists warned.
Southeast Asia - Mon, December 9, 2024 | 11:12 pm GMT+7
Southeast Asia poised to become global AI hub
In the first half of 2024, Southeast Asia attracted over $30 billion in artificial intelligence (AI) infrastructure investments, according to the 2024 e-Conomy SEA Report from Google, Temasek, and Bain & Company.
Southeast Asia - Mon, December 9, 2024 | 11:00 pm GMT+7
