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Iloilo economic zones to attract foreign investors

Published May 22, 2018 10:00 pm
By Tara Yap Iloilo City — To be able to attract more foreign investors, the Philippine Economic and Zone Authority (PEZA) under the Department of Trade and Industry (DTI) is pushing for the establishment of more economic zones in the city and province of Iloilo. PEZA consultant Joseph Timothy Rivera said the creation of two or more economic zones in Iloilo is essential as the Duterte administration is creating conducive atmosphere for foreign investments. In particular, Iloilo will be one of the host areas for the upcoming Middle Eastern business mission in October. “We are trying to position Iloilo to investors from Jordan, Kuwait, Oman, and Qatar,” said Rivera during a recent forum organized by Philippine Countryside Farms & Homeland Development Corp. (PhilCoF) and JCI Iloilo Ilang-Ilang. Only the Iloilo Business Park of Megaworld Corp. has an economic zone status.  The 72-hectare old airport site has been converted into a mixed-used urban community. While Iloilo has potentials in agro-industry and renewable energy, Rivera noted that foreigners play a pivotal role in choosing the types of economic zones. “Seldom do we have investors like the Arabs who will lend you money and let you decide on what type of industry. Normally, investors already have their target,” Rivera explained. PhilCoF and its foreign affiliates are set to create retirement communities for foreigners. Rivera said one will be in Sta. Barbara town, Iloilo province and another potential site is in the island province of Guimaras.
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