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PEZA is wooing Dubai corporations to invest in the Philippines.
The Philippine Economic Zone Authority (PEZA) has asked Dubai-based companies to consider making their next investment in the Philippines.
PEZA deputy director-general Tereso Panga stated on Monday night on social media that PEZA director-general Charito Plaza met with companies from the Islamic banking, transportation, logistics, and energy sectors in Dubai last week to present investment potential in the Philippines.
DP World, a worldwide logistics corporation, aims to create a 50 to 100-hectare economic zone with an integrated seaport for its latest logistics facilities and solutions, according to Panga.
Plaza has invited DP World to present their DP World Cargospeed, which is a joint venture with Virgin Hyperloop that provides a hyperloop-enabled passenger and cargo transportation system.
The Hyperloop is completely solar-powered and can transport passengers and cargo “at the speed of flying and at a fraction of the cost of trucking.”
According to Panga, the Hyperloop can reduce travel time between Manila and Mindanao to one hour.
“As for Emirates, they will look into airport expansion and facility management, as well as increasing the number of weekly flights (from) Manila to Dubai for the benefit of OFWs (overseas Filipino workers) in the Middle East,” he said.
Lootah BC Gas is looking into LNG generation and biofuel production in the energy sector, while the Global Business Forum (GBF) Asean in Dubai is pushing for a renewable energy transition and the use of alternative energy sources like hydrogen, ammonia, and battery storage.
Plaza also met with representatives from the Islamic Dubai Bank and the AlHuda-Center of Islamic Banking and Economics (CIBE) to discuss ways to boost Islamic banking and finance in the Philippines.
PEZA and the Bangko Sentral ng Pilipinas had previously agreed to promote Shariah-compliant funds and investments in the Philippines in order to attract Arab or Gulf Cooperation Council (GCC) investors as an alternative source of funding for ecozone projects.
“As a result, the Islamic Dubai Bank is committed to obtaining universal bank status in the Philippines and assisting the government in gaining access to the GCC sovereign wealth fund and the USD2.9 trillion global Islamic finance industry by 2019,” Panga stated.
So far, just 21 Arab locators have established themselves in PEZA zones around the country, with a total investment of PHP1.75 billion.
During the Duterte administration, seven of these Arab companies arrived in the Philippines.
“PEZA’s strong investment promotion efforts, including its regular Global Biz and participation in significant missions, are critical in recruiting FDI (foreign direct investment) to produce more jobs, exports, and other economic prospects that will speed our recovery,” Panga stated.