PEZA, IBPAP tackle industry-led investment initiatives
PASAY CITY, PHILIPPINES — The Philippine Economic Zone Authority (PEZA) and the IT & Business Process Association of the Philippines (IBPAP) are strengthening their strategic and industry-led partnership to attract more foreign direct investments in the country.
PEZA and IBPAP officials met recently to discuss creating plans to attract and facilitate investments effectively.
IBPAP President Jack Madrid is eyeing more IT park developers and IT locator companies to scale up operations in the provinces. At least 40% of the country’s IT investments are outside Metro Manila.
For the first quarter of 2023, PEZA has approved six projects from the IT sector, which is expected to bring PHP105.54 million in investments, US$8.93 million in exports, and 624 direct jobs.
PEZA Director General Tereso Panga explained that their strategy is to “venture into new IT investment opportunities and follow thru the leads from [President Bongbong Marcos’] state and working visits to other countries to promote PH as the smart destination in the region.”
Amid concerns about IT-BPO infrastructure and work-from-home, Madrid said the country has a severe talent demand and supply gap.
“[Surely, we are a country with a rich pool of talent, and] the result of that is many people want to continue to invest [in the Philippines]. But increasingly, the challenge is not the cost—it’s the people.”
Panga said PEZA is cooperating with the ongoing initiative of the United States Agency for International Development (USAID) to prepare the Filipino workforce for Industry 4.0, which is the next phase in the digitization of the manufacturing sector.
PEZA and IBPAP are optimistic that they will achieve their 10% targets for the year and contribute to the industry’s and the country’s overall growth and development.
