The State-owned Philippine Economic Zone Authority (PEZA) strongly recommended the city as potential investment area for Indian and other foreign and local companies wanting to expand their existing operations outside the National Capital Region (NCR).
PEZA Director-General Charito Plaza stated that economic zone authorities strongly recommended Baguio City as potential expansion area of its locators not only due to its ambiance, but also because the city government have invited for foreign and local businesses to establish their operations in the country’s Summer Capital.
Plaza brought to the city some officials of Indian information technology and business process outsourcing companies to see for themselves the local economic zone which can host the proposed expansion of their operations that will contribute to the creation of more jobs for qualified residents and sustain the economy..
The PEZA is bullish in inviting foreign investors to establish their business operations in various economic zones in the different parts of the country for them to enjoy the benefits and of tax holidays, Â among other attractive incentives, that will help in the creation of jobs and increasing foreign investments in the country.
Earlier, Indian embassy officials led by Ambassador to the Philippine Shambhu Kumar Kumaran and officers and members of the Indian Business Forum headed by its president Dileep Kumar Tiwari arrived in the city to look into the possibility of Indian information technology and business process outsourcing companies to expand their operations in the city because of the presence of human resources for the said businesses.
PEZA has been aggressively partnering with local governments nationwide to ensure the establishment of potential economic zones in their respective areas of jurisdiction to contribute in efforts to entice foreign and domestic companies to establish and expand their business operations in their desired areas around the country and boost the ongoing efforts of the government to create jobs for the people displaced by the ongoing Corona virus Disease (COVID) 2019 pandemic and gradually and safely bring back the vibrance of the country’s economy.
Indian businessmen are evaluating and assessing the possible expansion sites of their businesses within the local economic zone in Loakan.
At present, the Baguio Economic Zone hosts various multi-national companies engaged in the manufacturing of semi-conductors, aviation parts, information technology and business process outsourcing, garments among others.
Further, it also extends needed assistance to companies interested to invest in the economic zone in the timely processing of requirements for their operations.