Inclusive growth, investment incentives begin in LGU level – PCCI
MANILA PHILIPPINES — Local government units (LGU) should emulate Philippine Economic Zone Authority’s (PEZA) rules and regulations to promote inclusive investment growth in the country, according to Philippine Chamber of Commerce and Industry (PCCI) President George Barcelon.
“You know why a lot of foreign companies come to the Philippines and they just flock to PEZA? Because the rules are clear and there’s no regulatory inconsistency. But I think our solution is for the local government to have the DNA of PEZA,” Barcelon said at Philippine Development Plan (PDP) 2023-2028 forum
Barcelon stressed the role LGUs can potentially play in facilitating investments in the whole country.
“If you talk about growth inclusivity for the country, the growth should be throughout the Philippines and I think the local government plays a key role in making things easy for people who want to invest in the area of their jurisdiction,” Barcelon added.
Under the PDP, ecozones will be integrated into the local economy by relaxing the requirements, facilitating free flow of parts, components and other inputs, and increasing open trade between zone locators and firms outside the zones.
On January 30, President Ferdinand “Bongbong” Marcos Jr. signed the PDP. The goals of the plan include:
- Maintain annual economic growth rate between 6.0 to 7.0 per cent in 2023 and between 6.5 to 8.0 per cent from 2024 to 2028
- Create more, better, and more resilient jobs
- Keep food and overall prices low and stable
- Enforce fiscal discipline
- Transform the production sectors through innovation
