The head of the Philippine Economic Zone Authority (Peza) said four Middle Eastern investors would visit the country this week in order to scour local islands for possible locations for their businesses.
Peza Director General Charito Plaza told reporters these investors were on the list of companies that have expressed their commitment during the agency’s road show in the Middle East.
“In the first week of May, we have four Arab investors who would be coming to choose the islands,” she said.
She said she would be accompanying them in Palawan, Cebu, Bataan, and Mindanao in search for possible locations.
Under the Investors’ Lease Act, lands and buildings in economic zones may be leased to foreign investors by not more than 50 years, which could then be renewed once for a period not exceeding 25 years.
She said the investors may also consider the possibility of leasing the areas.
Plaza said the companies already signed letters of interest signifying their investment pledges. She said that the pledges would be finalized via a memorandum of understanding.
President Duterte’s visit to the Middle East in April produced $925-million worth of investment pledges, higher than the $650 million Plaza initially expected.
The investment promotion agency’s foray into the Middle East comes as Plaza targets to “triple or quadruple” investment pledges this year following a 26-percent decline in commitments in 2016 to P218 billion from P295 billion in 2015.