MANILA–The Philippine Economic Zone Authority (PEZA) is now in discussion with the energy department to prepare the initiative of providing power subsidy to investors that will be locating in economic zones in Mindanao.
PEZA Director General Charito Plaza said it is a high time to grant such incentive as Middle East businesses are eyeing investments in Mindanao following the investment promotion roadshow of the agency and the visit of President Rodrigo Duterte in the Gulf region.
“The DOE committed that locators in Mindanao will only pay PHP2.50 per kilowatt hour from the current rate of PHP6.00 per kilowatt hour since we have excess power in Mindanao,” Plaza said in Filipino.
She mentioned three regions in the southern part of the country as pilot areas for the power subsidy, which include the Autonomous Region in Muslim Mindanao (ARMM), Caraga Region, and Davao Region.
According to the PEZA chief, most of the prospective investments from the Middle East will be poured into these three regions, which have big population of Muslims.
“Most of these Middle East investors would prefer Mindanao, because remember, these are Muslims. So they want to help the Muslim Filipinos in Mindanao,” Plaza said.
“For years, we’ve been deprived of investments, development of our lands, jobs. So, most of the Middle East investors are interested in Mindanao,” She added noting that the Middle East businesses are looking at investments in sectors of tourism, agro-industry, and halal.
Plaza stressed that through the power subsidy, other foreign investors will be enticed to come in Mindanao to set up their businesses.
She added that this initiative is part of the goal of the Duterte administration to spur economic growth in the countryside.