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Saturday, September 21, 2002
Peza: RP still attractive to foreign investments
By Jessica B. Natad
THE Philippines still is an attractive market for foreign direct investors (FDIs), according to a government executive.
This is manifested by the continuous expansion of FDIs, which have been operating in the country for many years, said Philippine Economic Zone Authority (Peza) Director General Lilia de Lima.
“We are keeping our FDIs in the country. And we have been attracting FDIs. Peza now has more than 1,000 from the 300 registered companies in 1995.
Yes, it is difficult to bring them here, but once they are here, they continue to expand,” she said on the sidelines of the inauguration and the first year anniversary of Lexmark International’s second subsidiary in the Philippines, Lexmark Research and Development Corp. (LRDC).
De Lima cited Lexmark’s expansion in the Philippines, specifically Cebu, as a manifestation of the United States-based firm’s confidence in the country.
Lexmark established its presence in Cebu in the form of Lexmark Philippines located at the Aboitiz-developed and -managed Mactan Economic Zone (MEZ) two three years ago.
“Not only Lexmark, we have NEC, Toshiba, Intel, Tsuneishi and lots of other large companies expressing confidence and satisfaction in our country,” she said.
Tsuneishi earlier signed a memorandum of agreement with Asiatown information technolgy (IT) park developer Cebu Holdings Inc. (CHI) for Tsuneishi’s research and development department to locate in the IT park.
De Lima added that Tsuneishi yesterday inaugurated its 15th manufactured bulk carrier weighing 52,000 metric tons.
She also denied rumors that Mitsumi, one of the largest employers in Cebu, is expanding in China.
“That was before they transferred to the Peza from the Board of Investments (BOI). They had an expansion in China a few years ago because BOI’s tax perk on imported capital equipment was abolished. Then they decided to apply with Peza for the firm’s compound to be declared an IT park,” de Lima said.
Beautiful
During her speech at the Lexmark event at City Sports Club Cebu Thursday, de Lima urged foreigners present during the event to tell their respective countries how beautiful and business friendly the Philippines is to FDIs.
“Please share the good things you have seen and experienced in our country to your countrymen,” she said.
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