Philippine Economic Zone Authority (PEZA) Director General Tereso Panga is expecting more investors to put up their businesses in economic zones across the country following the signing of the implementing rules and regulations (IRR) of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act.
Panga said the IRR provides clarity for the smooth implementation of the law.
“It is a product of conjoined efforts that will surely attract more interest in the Philippines and paves the way for future investment growth,” Panga said in a statement Wednesday.
On Feb. 17, Finance Secretary Ralph Recto and Trade Secretary Ma. Cristina Roque led the signing of the CREATE MORE’s IRR.
The IRR supports PEZA’s mandate of driving investment growth into the country, promote sustainable development in the countryside, and create more jobs.
“The CREATE MORE Act refines the investment landscape of the Philippines to be at parity with other countries,” he said.
“With these new policies in place, coupled with the positive attributes already presented by our country and the various advantages like a communications-ready skilled workforce, a conducive business environment and a whole-of-government approach, it is without doubt that new investors will come in and old investors will choose to stay for the long haul,” he added.
Even before the signing of the CREATE MORE IRR, PEZA signed a registration agreement (RA) with Japanese manufacturer P.Imes Corp. and a memorandum of understanding (MOU) with Karl Group Holdings Corp. (KGHC) as its partner in attracting developers of and locators in pharmaceutical ecozones, a new type of ecozone of the investment promotion agency (IPA).
With the signing of RA with P.Imes Corp., the Japanese company will expand its manufacturing of high-technology products for various industries, such as electronics, automotive, medical, and semiconductor in the Cavite Economic Zone.
The MOU with KGHC will help PEZA to lure investors, manufacturers, and research institutions in PEZA pharma ecozones, which will become strategic investment hubs for medical innovation, pharmaceutical production, and healthcare-related industries.
“This partnership aligns with PEZA’s initiative to integrate ecozone domestic production into the value chain, reducing import dependence—particularly in the medical and pharmaceutical sectors. As a leading provider of innovative healthcare solutions, KGHC plays a crucial role in producing cutting-edge medical equipment and simulation technologies,” the IPA added. (PNA)
