PEZA courts more South Korean investors
The Philippine Economic Zone Authority is keen on attracting more investors from South Korea(Photo from PEZA/Facebook)
MANILA, Philippines — The Philippine Economic Zone Authority (PEZA) is wooing more South Korean firms to invest in the Philippines, seeing strong potential in several sectors such as manufacturing, agriculture and energy.
In a statement on Monday, PEZA said it had participated in the inaugural international leg of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act roadshow held in Seoul, South Korea from April 6 to 9.
PEZA joined the mission alongside other key government agencies to promote the country as a prime investment destination and showcase the benefits of the CREATE MORE Act for prospective Korean investors.
READ: Philippines eyes expanded international roadshow for CREATE MORE Act
Among the key provisions of the CREATE MORE Act are the introduction of a 20-percent corporate income tax (CIT) rate, Value Added Tax incentives, and deductions for energy and research and development that the government expects will motivate more investors to put money in the country.
“South Korea represents an important role for the country’s growth of the Ecozone Industry,” PEZA Director General Tereso Panaga said in a statement.
He said that South Korea was the fifth-largest foreign investor in PEZA, with an investment portfolio exceeding P100 billion, approximately $1.6 billion in exports, and over 39,000 direct jobs created — making it one of the country’s key prospective growth partners.
Panga also expressed confidence that the mission will open up more investment opportunities from South Korea.
The mission was led by PEZA Deputy Director General for Operations Vivian S. Santos and spearheaded by Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go.
PEZA said the event showcased the country’s latest investment incentives under the newly passed CREATE MORE Act to attract Korean investors in sectors such as electronics, electric vehicles (EVs), clean energy, and high-tech agriculture.
It added that the mission in Seoul highlights the Philippines’ active push to draw in high-quality investments and deepen its economic partnership with South Korea under the newly implemented free trade agreement (FTA) between the two countries.
The FTA between the Philippines and South Korea was signed in September 2023 and officially took effect on December 31 last year.
The CREATE MORE roadshow is scheduled to continue in Taiwan, further broadening avenues for strategic collaboration and sustainable development.
