PEZA seeks charter amendments

The Philippine Economic Zone Authority (PEZA) has called on lawmakers to amend its 30-year-old charter to grant the investment promotion agency (IPA) more powers, thereby strengthening the country's appeal among foreign investors amid growing competition in Southeast Asia.

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Jenny June Romero, group manager of PEZA's legal affairs group, said this year is the most "opportune time" to amend the Special Economic Zone Act of 1995, which embodies the IPA's charter—after all, there are ongoing trade tensions that could hamper investor confidence.

Speaking on behalf of PEZA Director General Tereso Panga, Romero said that updating the law to reflect the current economic climate would empower the agency to formulate policies that enhance the promotion and facilitation of investments.

"We need to keep it true to the times because we're up against other economies promoting their own respective economic zones in attracting more FDI [foreign direct investment] into their countries," Romero told members of the House committee on economic affairs.