BIZ BUZZ: Samsung bets big on the Philippines

President Ferdinand Marcos Jr. promised that the recently signed Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) Act would make the Philippines a “destination of choice” for investments.

And the law is indeed starting to deliver the promised results.

READ: Clearer biz rules, perks with ‘Create More’ law

Biz Buzz sources said Samsung Electromechanics Philippines Corp. was finalizing plans to invest some $1 billion in an export processing zone facility, where it would manufacture and then export multilayer ceramic capacitors that are commonly used in power supplies and voltage regulators.

As Create More was anchored on improving ease of doing business, increasing the competitiveness of tax incentives, strengthening governance and accountability and clarifying value-added tax rules and transitory provision for pre-Create Registered Business Enterprises, it stands to reason that Samsung will soon be followed by other top names who will likewise bet big on the Philippines. —Tina Arceo-Dumlao

Converge fires up Davao airport

After providing connectivity at Ninoy Aquino International Airport, Converge ICT Solutions Inc. is now setting up its infrastructure at Davao International Airport, the country’s third-busiest airport.

About 3.9 million passengers annually are expected to benefit from its service offering, which has a bandwidth of 1 gigabyte per second.

“As we near the last quarter of the year, we’re forging ahead with our project of providing fiber broadband to the country’s local and international gateways,” Converge CEO and cofounder Dennis Anthony Uy said.

“Consider this as an early Christmas gift, as we expect an influx of travelers these last two months of the year,” he added.

The parties sealed their partnership after signing memorandum of agreement earlier this month. —Tyrone Jasper C. Piad