Loan facility for zone locators eyed

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The Philippine Economic zone Authority (PEZA) is in talks with foreign and local banks for the establishment of a special loan program and credit facility for ecozone related projects.

PEZA director-general Charito Plaza told the general membership meeting of the Semiconductor and Electronic Industries of the Philippines Inc. yesterday the agency is building a partnership with the Bangko Sentral ng Pilipinas and private banks “so that we can provide credit facilities not just to Ecozone developers but also industries and other (companies) doing business in the ecozones.”

Plaza said a special desk will serve the credit needs of PEZA investors both Filipinos and foreigners.

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According to Teo Panga, deputy director-general of PEZA, state-owned Development Bank of the Philippines will be the first bank to be tapped by the agency. A memorandum of understanding (MOU) will be signed soon.

Panga said ecozone developers for instance may tap into this window for speedy processing of their loan applications and ideally for a more competitive interest rate in support of their ecozone projects.

Panga said this facility will encourage entities doing business in the ecozones to explore or expand projects with locators.

While PEZA in the past had enteted into MOUs with foreign banks, these were for investment promotion purposes.

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