THE Philippine Economic Zone Authority (PEZA) said it has issued 21,585 visas for investors and foreign nationals employed within economic zones as of the end of 2024, which it said reflect the increasing number of PEZA registrations.
“The implication of increasing visa issuances is that more new and expansion projects are being registered by PEZA. Multinational corporations account for 60% of the total registered business enterprises (RBEs),” PEZA Director General Tereso O. Panga said via Viber on Thursday.
“Other than the increasing number of ecozone foreign nationals, we see the same trend with the increasing number of ecozone expats’ immediate dependent family members applying for PEZA visas. This is good for both local and international schools where the dependent children go to study,” he added.
In a statement on Thursday, PEZA said that it has issued 16,299 visas to principals of PEZA-registered business enterprises (RBEs) and 5,286 dependents since 2021.
Last year, PEZA approved 255 new and expansion projects worth P214.18 billion, reflecting a 21.89% increase from the P175.71 billion worth of investment pledges approved in 2023.
To make the issuance of PEZA visas more efficient while safeguarding national security, PEZA signed a data-sharing agreement with the Bureau of Immigration (BI) on Tuesday.
“This collaboration is essential in facilitating trade and investment as it is anchored not just in the cross-border movement of goods or capital, but equally important is the movement of people,” Mr. Panga said.
“These are your locator company foreign nationals — top executives, production and R&D engineers, machine technicians, and knowledge workers who form part of the ecozone supply and value chains,” he added.
BI Commissioner Joel Anthony M. Viado said that the agreement will facilitate effective collaboration, enhance data integrity, and contribute to the overall security and efficiency of the issuance of PEZA visas.
The memorandum of agreement PEZA signed with BI follows the agreement the investment promotion agency signed with the Department of Labor on Dec. 16.
“This agreement is part of a broader initiative to enhance the efficiency and effectiveness of information exchange, which is essential for the seamless implementation of PEZA Visas for foreign nationals working within ecozones,” PEZA said.
“This reduction in bureaucratic hurdles will enable foreign investors to better navigate the regulatory landscape with greater ease and allow them to commence their projects without unnecessary delays,” it added. — Justine Irish D. Tabile