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
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