June 14, 2024

The Philippine Economic Zone Authority (PEZA) continues to aggressively promote the Philippines as a viable investment destination, especially for Indian investors engaged in different sectors.  

This comes as PEZA Director-General Charito Plaza, hosted His Excellency Shambhu S. Kumaran, the ambassador of India to the Philippines, and the delegation from the India Business Forum Philippines Association, Inc. (IBF) for an investment promotions tour in Baguio City last Nov. 26 to 30.  

The group visited Baguio City as it believed the economic potential and weather conditions and natural attractions in the city are an advantage for foreign and local investors.  

PEZA also conducted the “Global Biz” featuring India – the 13th in a series of forums for this year, last Nov. 28.  Some Indian companies expressed their interest to locate and expand their operations to the northern part of the country. Companies are also expected to invest through PEZA and help in the transfer of technology, generation of jobs, and increase the economic activities of people.  

PEZA also encouraged companies to register with PEZA to enjoy the tax incentives provided under Republic Act 7916 or The Special Economic Zones Act of 1995 and Republic Act 11534 or the Corporate Reco-very and Tax Incentives for Enterprises (Create) Act.  

PEZA signed a memorandum of understanding with the India Business Forum Association Philippines, Inc. (IBF) for the group to become a Ka-PIPPs.  

The PEZA Investment Promotion Partnership or Ka-PIPPs program seeks to establish a partnership with various agencies, associations, and individuals to encourage foreign direct investment inflows to PEZA ecozones.

PEZA and the IBF will work hand-in-hand to promote the country’s economic potential to Indian investors.  

The partnership is also in line with PEZA’s initiatives, which seeks to fully industrialize the country and transform it into a self-reliant, self-sustaining, and resource-gene-rating economy.  

Plaza also looks forward to increasing the registered companies under PEZA with the partnership and the positive response from the Indian delegates. She said there are 29 Indian enterprises registered with PEZA to date. These companies contribute a total of P10.315 billion of investments since 1995 until September. As of August, these companies also employ 21,950 workers and contribute $181 million of exports.  

IBF president Dileep Tiwari noted the partnership will pave the way for a new relationship between PEZA and IBF.

The IBF donated motorcycles by Indian automobile firm, TVS Motor Company, to Baguio City, Tuba, and the Baguio City Economic Zone.  

During the flag raising ceremony at the Baguio City Hall grounds, India Business Forum Association Philippines, Inc. donated medical supplies and pledged to donate P4M worth assorted Covid-19 medicines to Baguio City. – Press release