President Ferdinand Marcos Jr. declared on Thursday that the diverse economic zones across the nation are accessible to all foreign investors, including those hailing from South Korea. He underscored the appealing investment frameworks established by the government for prospective businesses eyeing operations in the Philippines.
“We have economic zones where anyone can participate,” President Marcos conveyed during his conversation with Chang Dae-hwan, chairman of South Korea’s Maeyeong Media Group. The President relayed to Chang that South Korean companies can avail themselves of the business and trade prospects presented by the economic zones in the Philippines.
Per President Marcos, these ecozones provide a unified tax code and incentive structure. “Locator companies within these ecozones don’t need to engage with every single local government unit (LGU),” he noted. The President emphasized that the ecozones are open to all investors seeking special incentives and tax breaks.
As an illustration, President Marcos referenced the Clark Freeport and Special Economic Zone (CFEZ) in Clark City, Pampanga, where government arrangements for businesses have rendered it an enticing destination for foreign investments. “They have come in, and I like to think that the reason for that is because we have set up a system that’s attractive for their investment,” he stated.
Additionally, he highlighted the Luzon Economic Corridor project, focusing on vital infrastructure like ports, railways, clean energy, and the semiconductor supply chain, linking Subic Bay, Clark, Manila, and Batangas. “This project, according to the President, is attracting investments from several countries and can elevate the Philippines’ global status.”
President Marcos expressed confidence in the success of Philippine special zones and underscored the government’s reliance on them to bring further prosperity to the country.
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