PEZA seeks to attract Singaporean firms with competitive incentives

The Philippine Economic Zone Authority (PEZA) is ramping up its efforts to attract Singaporean investments, following a successful three-day visit to Singapore by Director General Tereso O. Panga. As part of this mission, Panga participated as a key panelist at the 4th Philippines-Singapore Business and Investment Summit (PSBIS), emphasizing the Philippines' competitiveness and the attractive incentives offered under the CREATE MORE bill.

Panga highlighted the Philippines’ robust fiscal incentive regime, which he described as one of the most competitive among ASEAN nations. "We are offering a more generous incentive package for big-ticket investments under the CREATE MORE bill," Panga said during the summit’s third panel on transformative technology and advanced manufacturing. His message focused on making the Philippines a hub for industries like semiconductors and electric vehicle (EV) manufacturing, sectors considered high-impact in the ASEAN region.

PEZA’s engagement in Singapore is part of a broader strategy to strengthen economic ties and attract energy-intensive industries by offering low industrial power rates in specific economic zones. "Our ecozone model is ready to meet the needs of these strategic investments, particularly in terms of clean, stable, and cost-competitive energy sources," Panga added.

Strengthening Ties with Singaporean Companies
In a series of side meetings with key Singaporean businesses, Panga met with officials from Hi-P Singapore and ST Engineering, two major players in advanced manufacturing and smart city development. Hi-P, a PEZA-registered company, operates in Batangas and serves major clients such as Dyson, Tesla, and Amazon. ST Engineering, a global technology and engineering group, expressed keen interest in expanding its operations in the Philippines.

"PEZA’s value proposition ticks the right boxes for investors," remarked Geok Wan Loke, ST Engineering’s Senior Vice President for Strategic Planning and Business Development. The discussion centered on the opportunities for expanding into the Philippines, supported by the country's generous incentives under CREATE MORE, which is poised for final approval.

Learning from Singapore’s Success in R&D
PEZA’s visit also included a stop at Biopolis, Singapore’s world-renowned biomedical research hub, managed by the Agency for Science, Technology, and Research (ASTAR). The meeting with ASTAR officials underscored the importance of creating stronger links between Philippine industries and academia, particularly in pharmaceuticals and biotechnology.

Panga was inspired by Singapore’s success, noting, “We look up to Singapore as a model economy and big brother in ASEAN. The lessons we've learned here will help propel our country towards economic prosperity and support our President's vision of elevating the Philippines to an upper-middle-income economy." This aligns with the famous words of Benjamin Franklin: "An investment in knowledge pays the best interest."

Building on the CREATE MORE Bill
The CREATE MORE bill, designed to incentivize big-ticket investments in the Philippines, is expected to play a pivotal role in PEZA’s push to attract foreign direct investment (FDI). The bill provides tax breaks and other incentives to multinational corporations, especially those in advanced manufacturing and technology sectors.

Panga’s Singapore trip is part of a broader, aggressive effort by the Philippine government to showcase the country as a prime destination for investment. With Singaporean companies such as Dyson and ST Engineering already operating and expanding in PEZA zones, the future looks bright for continued collaboration and growth between the two nations.

As the Philippines builds on the momentum of the CREATE MORE initiative, the country aims to cement its position as a regional hub for innovation, advanced manufacturing, and clean energy development. As Panga puts it, “The future is built by the brave,” echoing the Philippines’ bold steps towards a more prosperous, sustainable future for all.