The Market Monitor Minding the Nation's Business
By Tracy Cabrera
In an effort to boost the Philippines’ competitiveness as an investment hub, the Philippine Economic Zone Authority (PEZA) has forged a memorandum of understanding (MoU) with Banco de Oro Unibank Inc. (BDO) to help accelerate foreign direct investments and drive national economic progress.
The agreement was formalized by PEZA Director General Tereso Panga and BDO Executive Vice President and Institutional Banking Group Head Charles Rodriguez. Also present were BDO Senior Vice President and Financial Institutions and International Desks Chief Romeo Co Jr., along with PEZA Deputy Director Maria Veronica Magsino.
Panga highlighted that the partnership is designed to open more doors for international enterprises aiming to invest or expand in the Philippines. As the country’s lead investment promotion agency, PEZA manages more than 400 economic zones nationwide, catering to diverse industries such as manufacturing, IT-BPM, logistics, and agro-industrial sectors. These zones offer investor-friendly perks, including tax incentives, simplified registration processes, and robust infrastructure.
BDO, meanwhile, brings to the table its financial expertise and international network to support the entry and growth of foreign businesses in the Philippines. “This partnership underscores our aligned vision of positioning the Philippines as a premier investment destination,” said Rodriguez.
BDO’s extensive network of international desks and experience in guiding foreign firms through various stages of their business journey aligns with the goals of the collaboration. Rodriguez further noted that they intend to tap the benefits of the CREATE MORE Law and its recently signed implementing rules and regulations to attract more foreign capital.
Co Jr. reiterated BDO’s commitment to aiding foreign investors, affirming the bank’s role in fostering economic development through its collaboration with PEZA. He added, “With a nationwide network of over 1,200 branches, some of which are located within or near PEZA zones, (we) ensure that businesses and their employees have access to a full suite of financial solutions, enhancing convenience and efficiency in banking.”