Peza fears foreign firms’ exodus due to global recession

Peza Director General Charito Plaza said in a briefing on Tuesday that the state-run agency is doing what it could to keep its current locators, but she could not shake off the fear that they might leave at some point.For now, no locator has left. But that may quickly change given global dynamics and the aggressive campaign of other countries to lure foreign investors by granting longer tax breaks and bigger tax cuts.

“What I’m afraid here is that with the world in recession, there might be export companies who will consolidate their resources, so they have to stop or close their other branches in the world and concentrate their resources in countries which are investor friendly [and] where the cost of doing business is low,” she said.

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