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(KPL/VNA) Philippine President Ferdinand Marcos Jr. has said various economic zones in the country are open to all foreign investors and hoped that foreign companies can seize the business and trade opportunities from these economic zones.
(KPL/VNA) Philippine President Ferdinand
Marcos Jr. has said various economic zones in the country are open to all
foreign investors and hoped that foreign companies can seize the business and
trade opportunities from these economic zones.
Speaking on May 3, the President cited as
example the Clark Freeport and Special Economic Zone (CFEZ) in Clark City,
Pampanga where government arrangements for businesses have made it as an
attractive destination for foreign investments.
The special economic zones, he said, offer
one common tax code and incentive scheme. In these zones, locator companies
don’t have to deal with every single local government unit (LGUs).
Marcos added that when the country's Luzon
economic corridor is completed, it will help to bring down time and cost of
transport.
In April 2023, the US and the Philippines
announced their shared commitment to advance the Luzon Economic Corridor under
the Partnership for Global Infrastructure and Investment (PGI)-IPEF Investment
Accelerator, to support connectivity between Subic Bay, Clark, Manila, and
Batangas and investments in rail, port modernization, clean energy and
semiconductor supply chains, and agribusiness.
Both the US and Japan have likewise committed
to providing millions of dollars to fund Philippine projects in both infrastructure
and technology, including the Luzon Economic Corridor.
KPL