President Marcos reassured the country’s economic zones are open to all foreign investors, highlighting the attractive investment arrangements provided by the government for businesses intending to operate in the Philippines.
“We have economic zones where anyone can participate,” the Chief Executive explained during an interview with Chang Dae-hwan, chairman of South Korea’s Maeyeong Media Group.
President Marcos informed Chang that South Korean companies can capitalize on the business and trade opportunities offered by the economic zones in the Philippines.
These economic zones, he noted, feature a unified tax code and incentive scheme. Within these zones, locator companies are spared from dealing with each local government unit (LGU), he emphasized.
The President asserted that the economic zones are accessible to all investors seeking special incentives and tax breaks.
Mr. Marcos pointed to the Clark Freeport and Special Economic Zone (CFEZ) in Clark City, Pampanga, where government arrangements have rendered it an attractive destination for foreign investments.
“They (investors) have come in, and I attribute that to the system we have established, which is appealing for their investment,” the President.
“And so, we’ll continue to [do] that and will be able to do even better if the Luzon Economic Corridor is completed, and the travel times and the cost of travel of transport will be brought down,” he added.
The Luzon Economic Corridor, a project concentrating on vital infrastructure like ports, railways, clean energy, and the semiconductor supply chain to link Subic Bay, Clark, Manila, and Batangas, is drawing investments from numerous countries, according to the President.
President Marcos said the Philippines can enhance its global standing through this project.