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Manila Bulletin devider Business devider PEZA courting oil investments from UAE

PEZA courting oil investments from UAE

Published Feb 15, 2022 05:14 pm

The Philippine Economic Zone Authority (PEZA) is courting oil investments from the United Arab Emirates (UAE), whose enterprises have already poured in P383.405 billion in the local economic zones.

Philippine Economic Zone Authority
Philippine Economic Zone Authority

PEZA Director General Charito B. Plaza revealed that at the Global Biz with PEZA featuring the UAE that there are six Emirati enterprises registered with PEZA. These investors are currently engaged in business process outsourcing, BPO call centers, fabricated metal products, machinery and equipment engineering, architectural and design service.

These firms include Arbour International (Philippines) Inc., Black and White Middle East (Philippines) Inc., Dreamscape Networks Inc., Modularx Global Venture Inc., Operations Hub Control Inc., and Unimoni Global Business Services Inc. Plaza said the operations of these firms have created 330,906 jobs in the country.

On oil, Plaza urged UAE oil companies to expand in the Philippines and make the country its distribution hub in Southeast Asia.

In addition, Plaza noted that the Philippines has a huge Muslim population, second only to Indonesia in the region, making it a good market for UAE investments.

In fact, Mindanao where majority of Filipino Muslims live has 18 pending proposed economic zones. Plaza said these special ecozones would be implemented once they are proclaimed by Malacanang.

Plaza further cited the incentive packages available to foreign investors under the CREATE Law. PEZA administers the tax incentives to their mostly export-oriented registered enterprises.

Earlier, the PEZA Board had asked the Fiscal Incentives Review Board (FIRB) to allow its registered IT-BPO enterprises to operate under a Work-From-Home (WFH) arrangement until September 12 this year as part of the government’s consideration to investors following the pandemic.

PEZA said that its locators should be allowed to operate 100 percent WFH or without the 10 percent onsite capacity requirement and without diminution of the tax incentives they are currently enjoying.

Plaza said their request is part of a temporary measure as provided under the CREATE Act.

PEZA is also appealing for the non-imposition of the penalties under FIRB Resolution No. 19-21 given its possible implications.

“PEZA-registered companies are coping with or recovering from the impacts of the pandemic. If it’s supposed to be a relief measure, we should not penalize the companies; rather, we must continue to assist our registered companies as much as possible given that protecting livelihoods of millions of Filipinos is an important national interest,” noted Plaza.

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