PEZA targets Singapore investments for economic zones

The Philippine Economic Zone Authority (PEZA) is ramping up efforts to attract Singaporean investments, particularly in advanced manufacturing, technology, and pharmaceuticals, following a successful visit to Singapore by PEZA Director General Tereso Panga.

Panga participated as a panelist in the 4th Philippines-Singapore Business and Investment Summit (PSBIS) and held strategic meetings with business leaders to boost foreign direct investments (FDIs) in the Philippines.

The visit, which aligns with the country’s goals under the CREATE MORE bill, aimed to secure commitments from key Singaporean firms, including ST Engineering and Hi-P Singapore.

During the summit, Panga emphasized the country’s competitive fiscal incentives and highlighted opportunities for energy-intensive industries like semiconductor and electric vehicle (EV) manufacturing.

“Our ecozone model is ready to address the pressing need for clean, stable, and cost-competitive energy sources,” Panga said.

Singaporean companies have long been active in the Philippines’ special economic zones, with 160 firms generating $2 billion in investments and 127,000 jobs.

Notable companies such as Dyson, Amkor, and Knowles Electronic have expanded their operations within PEZA zones, reinforcing the Philippines’ appeal as a business destination.

ST Engineering, a multinational firm in aerospace and smart city solutions, expressed strong interest in establishing a manufacturing base in the Philippines.

“PEZA’s value proposition definitely ticks the right boxes for investors,” said Geok Wan Loke, Senior Vice President for Strategic Planning at ST Engineering.

PEZA also met with Hi-P Singapore, which operates in Batangas’ First Philippine Industrial Park. Hi-P officials discussed potential expansion plans aligned with the growth of its client Dyson, which also operates within the economic zone.

In addition to courting investors, Panga visited Singapore’s Biopolis hub to explore opportunities in pharmaceuticals and biotechnology.

The meeting with the Agency for Science, Technology, and Research (A*STAR) opened discussions on how the Philippines can emulate Singapore’s success in biomedical research to foster innovation.

“We look up to Singapore as a model economy whose learnings will help propel our country’s economic prosperity,” Panga remarked, underscoring the goal of advancing the Philippines toward upper-middle-income status.