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The Philippine Economic Zone Authority (PEZA) is teaming up with local and foreign banks to provide credit facilities for investors in the country’s economic zones, according to a report by Manila Bulletin.
PEZA Director General Charito B. Plaza said at the virtual Business and Investment Climate webinar by the Semiconductor and Electronics Industries in the Philippines Foundation Inc. that her agency is forging agreements for local and foreigns funders for companies wanting to invest in the various ecozones in the country.
PEZA is entering into MOUs with foreign and local banks with the objective of establishing a special loan program and credit facilities for ecozone related projects.
For instance, Plaza said, ecozone developers may tap into this window for the speedy processing of their loan applications and ideally for a more competitive interest rate in support of their ecozone projects. This facility will encourage as well all entities doing business in the ecozones to explore or expand projects with locators.
Initially, PEZA is signing memorandum of agreements with state-owned banks Development Bank of the Philippines and Land Bank of the Philippines, and Islamik Sukok financing including Amana Bank. PEZA is also open for cooperation with foreign funders.
PEZA locators have also improved their operations with 90 of all firms already fully operational.
Plaza has also accelerated its investment promotion campaigns with the Global Biz with PEZA, a monthly online event that targets specific countries. This is in partnership with the Department of Foreign Affairs with their embassies abroad and counterpart embassies in the Philippines, the foreign chambers.
Plaza also said they are further automating their application and registration processing for effective and efficient services.