Latest news with #PEZA
GMA Network
2 days ago
- Business
- GMA Network
PEZA Board OKs creation of Palawan Mega Ecozone
The Philippine Economic Zone Authority (PEZA) Board has approved the creation of the Palawan Mega Ecozone (PMEZ), set to be biggest of its kind in the Philippines, with 28,000 hectares of idle land in the Iwahig Penal Colony of the Bureau of Correction (BuCor) planned for conversion into industrial estates. According to PEZA, the Board approved the creation of PMEZ during its meeting on May 21, affirming its contract with BuCor to transfer ownership of idle lands to PEZA for the creation of the ecozone. An initial 4,000 hectares has already been transferred to PEZA under Phase 1, with the pre-qualification for the declaration of a 4,000-hectare property located in Barangays Montible and Sta. Lucia, Puerto Princesa also approved for development. "The Palawan Mega Ecozone is envisioned to attract environmentally responsible industries such as agro-industrial processing, renewable energy, ecotourism, and marine biotechnology," PEZA Director General Tereso Panga said in a statement. "This will not only preserve Palawan's rich biodiversity but will also uplift the livelihood of local communities through jobs and infrastructure development," he added. Under the Special Economic Zone Act, ecozones are selected areas with highly developed areas or those which have the potential to be developed into agro-industrial, industrial tourist/recreational, commercial, banking, investment, and financial centers. Business establishments operating within ecozones are entitled to fiscal incentives as provided by the Ombinus Investment Code, and exempted from national and local taxes, except for real property taxes on land owned by developers. They are instead mandated to remit 5% of their gross income—with 3% going to the national government, and 2% to the treasurer's office of the city or municipality. PEZA said the PMEZ is seen to "revive" the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA), and is an immediate response to instructions of the President to promote stronger ties among member states of the Association of East Asian Nations (ASEAN). It is expected to create over 480,000 direct jobs, employing individuals from local communities, persons deprived of liberty (PDLs), and the whole of the Western Visayas and Sulu Regions. Under its mandate, PEZA is tasked to promote the establishment of economic zones in the Philippines for foreign investments. The agency approved 102 new and expansion projects from January to May this year, equivalent to a total investment of P66.34 billion. These are expected to generate over $1 billion in export revenues, and approximately 29,000 direct Filipino jobs. South Korea was the top investing nationality, accounting for 16.12% of total approved investments, followed by the United States with 4.08%, China with 2.20%, Japan with 2.92%, and the Netherlands with 2.16%. In terms of industry, the largest share of approvals were in food and beverage with 43.74%, backed by ecozone development with 32.52%, and information technology-business process management (IT-BPM) with 7.59%. — VDV, GMA Integrated News
GMA Network
28-05-2025
- Business
- GMA Network
PEZA announces P1.39B dividend payout
The Philippine Economic Zone Authority (PEZA) announced Wednesday that it contributed P1.3 billion in dividends from its profits in 2024, noting its back-to-back billion-contribution to government coffers. 'As we turn 30, we are focused on future-proofing PEZA to ensure it remains a dynamic force for economic development and nation-building,' PEZA Director General Tereso O. Panga said in a statement. PEZA noted that it has already contributed P3.68 billion to the government since the start of President Ferdinand Marcos Jr's administration. The Department of Finance (DOF) earlier said the dividend remittances from the earnings of government-owned or -controlled corporations (GOCCs) have reached over P76 billion as of May 15, 2025. PEZA was also among the 13 state-owned firms that contributed at least P1 billion to state coffers. —Mariel Celine Serquiña/RF, GMA Integrated News
Qatar Tribune
18-05-2025
- Business
- Qatar Tribune
Filipino expatriate honoured with Global Economic Leadership Award 2025
Tribune News Network Doha In recognition of his outstanding contributions and unwavering commitment to creating meaningful change in Qatar, Metro Manila, and beyond, Doha-based realtor Joseph Timothy Rivera has been honoured with the 'Reduced Inequalities for Excellence in Global Economic Leadership & Community Empowerment Award' at the prestigious Icons of Change Awards 2025. Rivera received this award primarily for his achievements as the Founding Chairman of the Association of Filipino Real Estate Executives in Qatar (AFREEQ)—an influential organisation devoted to elevating the status and professional skills of Filipino real estate practitioners in Qatar. He was also recognised for his roles as Regional Chairman for the Middle East of AKO OFW Inc., co-anchor of Bantay OFW on DWDD AFP Radio, a former consultant for the Philippine Economic Zone Authority (PEZA), and a congressional nominee in the 2025 Philippine National and Local Elections. The grand awards ceremony was held on April 27, at Southville International School & Colleges in Las Piñas City, Philippines. Rivera stood out as the only overseas awardee among a distinguished group of honourees, which included Department of Migrant Workers (DMW) Secretary Hans Leo Cacdac, PEZA Director General Theo Panga, actress-singer Timmy Cruz, actor-philanthropist Mon Confiado, former senatorial aspirants Atty. Vic Rodriguez Jr. and Felipe Montealto Jr., AHEAD Review Centre CEO Rosanna Llenado, and broadcast journalist RG Cruz, along with representatives from ABS-CBN, GMA TV, The Manila Times, and several other esteemed institutions. Rivera's initiatives have sparked real, tangible change. Through his leadership, thousands of overseas Filipino workers (OFWs) have been introduced to ethical and profitable property investment. The forums he spearheaded created career opportunities, fostered business partnerships, and facilitated access to reputable property developers. AFREEQ empowered Filipinos abroad to redefine their identity—not merely as migrant workers, but as investors, professionals, and nation-builders. For Rivera, receiving such an honour is both humbling and affirming. 'This recognition fuels my passion to keep going,' he remarked. 'Every project I lead, every role I play, is a testament to what Filipinos can achieve abroad—not just as workers, but as leaders and changemakers.' Reflecting on his award, he said: 'To be considered for this award is both a deep honour and a call to continue the work with even greater passion. This recognition is not mine alone; it belongs to every OFW who rises despite adversity, to every community leader who serves without recognition, and to every changemaker who dares to dream beyond borders. I have always believed that service is not about titles or applause, but about impact. The Icons of Change Awards 2025 and Metro Manila SDG Action Summit highlighted the transformative power of leadership, innovation, and community engagement. Aligned with the United Nations' declaration of 2025 as the International Year of Peace and Trust, the event brought together a diverse coalition of changemakers under one mission: to accelerate progress on the Sustainable Development Goals (SDGs) through bold action and collaboration.
South China Morning Post
30-03-2025
- Business
- South China Morning Post
Can the Philippines' become China's ‘plus one' amid South China Sea tensions?
The Philippines is positioning itself as an emerging secondary hub in China-based firms' global supply chains to avoid the brunt of US tariffs, but analysts are split on whether its growing investment appeal can be sustained without deepening strategic vulnerabilities in its fraught relationship with Beijing Advertisement The director general of the Philippine Economic Zone Authority (PEZA), Tereso Panga, said in a social media post on Monday that the Philippines was being eyed as the 'next preferred destination in Asean with the emerging China plus one, plus one business strategy,' referring to the country as a viable investment alternative amid the 20 per cent tariffs imposed on Chinese imports by US President Donald Trump PEZA is the agency that administers special economic zones in the Philippines and promotes foreign investments. Panga added that the China plus-one strategy had 'evolved into C plus two', with the Philippines now the preferred 'plus-one' location in Asean for companies relocating from China. Vietnam had historically been the first choice for China-based companies for expansion due to its proximity, he said, a sentiment that was made clear during PEZA's meetings in various Chinese cities, including Xiamen, Chongqing Shenzhen , and Dongguan , where officials presented investment opportunities in the Philippines. Advertisement
