Cong Joet: Philippines, to be an offshore financial center

Written by
  • Maria Vinnise Marcelo .
  • 1 year ago

“We are targeting locators that will bring in technology that will allow AFAB and the Philippines to be an offshore financial center,” said Bataan 2nd District Representative Joet Garcia during the Press Conference for the official launching and maiden bell-ringing of iWave Research Group Incorporated’s Global Trade Exchange (GTX) Wednesday, July 7.

The latest amendments in the powers of the Authority of the Freeport Area of Bataan (AFAB) embodied in Republic Act 11453 authored Cong. Joet paved the way to attract evolving technologies and industry to register and apply for license in the AFAB allowing GlobalTradeX to officially start and be part of FAB.

iWave CEO and GTX Co-Founder Ramon Garcia Jr. thanked said legislation that helped the momentous occasion to happen. He furthered, “We welcome collaboration… If you are a programmer, a financier, if you believe in what we believe, we will open up our system to you so that we can build the best system in the world, and definitely, under the law, you will be protected with the full force of a sovereign republic in the Philippines and I don’t think you will have that protection anywhere else in the world, thanks to our legislators and our leaders.”

GlobalTradeX (GTX) is a platform that aims for interconnectivity, provides access to capital markets, cross-border trade, and exchange of digital assets between and among international investors and various financial and market players. Garcia said that advisers, programmers, and mentors in the same industry are welcome in GTX and FAB.

“What we are doing now will give FAB much-needed access, push our projects, attract more investments, create jobs, and give a higher quality of life for our people,” Governor Abet Garcia stated in his message, as he thanked the founders of iWave and GTX and commended the AFAB in the development of their IRR which maintains the ease of doing business in the Province.

AFAB Chairman Pablo Gancayco, AFAB Administrator Emmanuel Pineda, iWave Executive Director, and iWar President and CEO Marco Urera, GTX Co-Founder Eugenio Gonzales, and DFNN Inc. President and CEO Calvin Lim attended the significant event which marked the start of FAB for future technologies such as artificial technology, blockchain, business process outsourcing, cloud computing, cybersecurity, distributed ledger technology, financial technology solutions, among others as acknowledged in RA 11453.

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