The Philippine Economic Zone Authority (PEZA) said on Sunday an American company wants to invest $1 billion in an integrated energy project in three prospective sites in the country.
PEZA Director-General Tereso Panga said AlloGroove Corp. will utilize its proprietary technology in solar energy generation in the planned project.
He said AlloGroove will also bring in its yet unnamed Polish partner to establish a data center for the investment.
The project also involves the construction of a water desalination plant.
AlloGroove officials have inspected three prospective sites in Ilocos and Bicol regions, and another site in particular, in Camarines Norte.
“This is a big project because it involves multiple sites,” Panga said. “It will definitely qualify for incentives for a big-ticket investment under the CREATE MORE (Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy) Act,” Panga said.
Projects with capital investments of more than P50 billion are considered highly desirable and are evaluated by the Fiscal Incentives and Review Board.
The implementing rules and regulations of the CREATE MORE Act posted on the website of the Department of Finance says the President may, in the interest of national economic development, modify the mix, period, or manner of tax incentives to be granted or to craft the appropriate fiscal and non-fiscal support package for a
highly desirable project or a specific industrial activity.
Panga said PEZA in its meeting with board chairman Trade Secretary Cristina Roque has expressed the agency’s confidence in hitting its P300 billion target for the year.
Panga said while PEZA registrations of P66 billion as of May comprise only 22 percent of the total target, he is confident of attracting big-ticket projects for the next half of 2025.
He said PEZA is poised to mount two important missions in London and in Osaka this month to promote the Philippines.
He added PEZA has also noted the renewed interest of Chinese and American investors, which as of May registered nine and 13 projects, respectively for P2 billion each.
The proponents are expected to sign their PEZA registration agreement within 30 days from board approval, he said, without naming the companies.
Panga said PEZA receives monthly a delegation from Chinese companies interested in electronics, renewable energy, and even the industries that the Philippines once had but lost such as textile, luggage, and apparel.
