THE Philippine Economic Zone Authority (PEZA) said achieving upper-middle income country (UMIC) status is expected to create opportunities to attract higher-value investments to its economic zones (ecozones), according to a report by BusinessWorld.
In a statement, PEZA said UMIC can help improve investor perceptions, thereby attracting more high-value, technology-driven, and innovation-intensive investments in sectors such as advanced manufacturing, semiconductors, electronics, and green technologies. The agency believes this shift will enable the Philippines to climb the value ladder in manufacturing and artificial intelligence.
The expected upgrade from lower-middle income status reflects sustained economic growth and improved competitiveness. PEZA said the new classification will strengthen its promotion efforts for ecozones that can host cutting-edge industries, supporting the country's long-term industrial transformation goals.