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Philippines: Govt looking to set up exclusive Chinese ecozones
The government is considering the establishment of exclusive industrial parks for Chinese firms planning to locate in the Philippines, a Cabinet official said.
Socioeconomic Planning Secretary Ernesto Pernia said the idea was brought up by prospective investors during a recent non-deal roadshow conducted by Cabinet officials in China.
“There were expressions of interest in setting up special ecozones. I think they’re looking at Central Luzon in the Clark area,” Pernia told reporters at the sidelines of the 43rd Philippine Business Conference on Thursday.
“Basically it will be the government who will develop the ecozone, with the Chinese committing to bring in locators there to make sure that it is worth the cost of the infrastructure for that industrial park,” he added.
If approved, Pernia said the exclusive ecozones would be under the mandate of the Philippine Economic Zone Authority.
Potential locators are Chinese firms involved in electronics and high-end tech projects.
Last month’s non-deal roadshow was part of a series that also brought Cabinet officials to Japan and the United States in a bid to drum up interest in the Philippines.
One of the key messages was the Philippines’ rise as Asia’s next economic powerhouse and that potential investors overseas would do well to ride on its growth.
The Philippines, which grew by an average of 6.4 percent in the first half of the year, is targeted to grow by 6.5 percent to 7.5 percent this year and by 7 percent to 8percent from 2018 to 2022.
Officials said the growth targets are attainable, supported by rising government spending on infrastructure and other growth sectors, growing private-sector investments, robust consumption, and the country’s young and educated workforce.
Source: http://www.manilatimes.net/govt-looking-set-exclusive-chinese-ecozones/357599/