ABU DHABI— The Philippine Embassy in the UAE and Philippine Economic Zone Authority (PEZA) boosted efforts in promoting investment opportunities in Philippine special economic zones or free trade zones.
In her remarks during the back-to-back business forums recently organized by PEZA, Ambassador Quintana cited a 2019 UNCTAD study which ranks the Philippines as second to China in terms of number of Special Economic Zones or SEZs (China had 2,543 SEZs and the Philippines had 538). She also shared the latest developments in the economic relations between the Philippines and UAE with the finalization of the Philippines-UAE Memorandum of Understanding on the Reciprocal Promotion and Protection of Investments or IPPA.
“This will create a secure and stable environment that will engender an increase in bilateral investments between our two countries. This is timely, as the Philippines and the UAE will soon begin negotiations towards a Comprehensive Economic Partnership Agreement or CEPA, which lays the foundation for deeper trade and investment relations between the two countries, taking advantage of the huge potential that have yet to be explored,” the Ambassador emphasized.
PEZA Director-General Charito B. Plaza highlighted the recent adoption of new and game-changing reforms to boost the Philippines’ growth and competitiveness which include changes in legislations such as the Ease of Doing Business Act; Real Estate Investment Trust Act; the Corporate Recovery and Tax Incentives for Enterprises (CREATE Act) which put in place flexible incentives system; Retail Trade Liberalization Act; Public Service Act; and Foreign Investments Act.
The Ambassador lauded the role of the Philippine Business Council (PBC) – Abu Dhabi in creating and sustaining business linkages and relationships with the Emirati private sector.
Source: Republic of Philippines Department Of Foreign Affairs