PEZA engages Fil-Chi entrepreneurs to invest in ecozones

MANILA, PHILIPPINES — Philippine Economic Zone Authority (PEZA) OIC Chief Tereso Panga is encouraging Filipino-Chinese entrepreneurs to explore investment opportunities in the country’s ecozones to help stimulate domestic manufacturing and service sectors. 

“Maybe it’s about time that the government, with the CREATE (Corporate Recovery and Tax Incentives for Enterprises) as the platform, stimulate domestic production and services by giving incentives to Filipino-owned enterprises,” Panga said at the Filipino-Chinese business owners association Anvil Business Club’s Exchange Forum event Monday.

Panga explained that domestic production contributes to the country’s gross domestic product (GDP). 

“It cannot be just the exporters doing all the production. This is also a sign of strength of an economy when we see domestic output increasing. If we aggregate all these domestic producers, they are far bigger than the export producers, except that they are not aware of their incentives,” he said.

Panga noted that the administration’s aggressive push for economic recovery and growth, the Philippines is indeed a “sweet spot” for investment for both foreign and local entrepreneurs.