THE Philippine Economic Zone Authority (PEZA) said it has invited oil companies from the United Arab Emirates (UAE) to establish and operate oil refineries in Philippine economic zones (ecozones).
PEZA Director-General Charito B. Plaza said during a virtual Global Biz with PEZA presentation conducted in Dubai on Tuesday that UAE investors are being invited to explore the Philippines’ ecozones for refineries.
PEZA’s proposals also involve petroleum products storage in the Philippines to make it “their distribution hub for Southeast Asian countries,” Ms. Plaza said.
Ms. Plaza said PEZA is also inviting Emirati investors in other industries, including Islamic banks and halal food producers.
“I am encouraging our Emirati stakeholders and businessmen to come and to take their operations and enterprises to our ecozones. We are targeting Emirati enterprises who are into manufacturing, information technology business process outsourcing (IT-BPO), tourism, medical tourism, agro-industry, and refining,” Ms. Plaza said.
Ms. Plaza said the Dubai Islamic Bank will soon establish a branch in the Philippines in partnership with PEZA and the Bangko Sentral ng Pilipinas.
“The Dubai Islamic Bank will soon sign a memorandum of understanding with PEZA and with the Central Bank (to) put up a branch in the Philippines. Dubai investors and Muslim investors, even local investors, are now welcomed by the Dubai Islamic Bank (which will provide) credit facilities,” Ms. Plaza said.
Ms. Plaza added that PEZA has identified candidate sites for ecozones in Mindanao, including locations in Bukidnon, Agusan del Norte, Davao City, Sulu, Sultan Kudarat, Surigao del Sur, Misamis Occidental, Lanao del Norte, Davao del Norte, North Cotabato, Zamboanga del Norte, Zamboanga del Sur, Zamboanga Sibugay, Agusan del Sur, Basilan, Tawi Tawi, Lanao del Sur, and Maguindanao.
“These are areas rich in agriculture, aquaculture, and agro-forestry,” Ms. Plaza said.
According to Ms. Plaza, six Emirati enterprises are currently registered with PEZA, which are engaged in the BPO industry, fabricated metal products, engineering, and other design services. — Revin Mikhael D. Ochave
