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Business

PEZA woos more US investors in ecozones

The Philippine Star

MANILA, Philippines — The Philippine Economic Zone Authority (PEZA) wants to see more American firms invest in the country’s economic zones and take part in promoting stronger bilateral relations.

PEZA said in a statement it recently held the Global Biz forum focused on US firms as it aims to expand its investment reach and encourage more American investors in the economic zones.

“The Americans continue to be one of the top three biggest contributor of investments in the Philippines under PEZA. Stronger bilateral ties between the USA and the Philippines are vital in facilitating our mutual trade and investment agenda,” PEZA director general Charito Plaza said.

She said there are 420 American enterprises registered with the PEZA, contributing P400.668 billion worth of investments as of the third quarter quarter last year.

She said these firms account for $6.761 billion worth of exports, and employ 330,906 workers.

The investments were from the following sectors: business process outsourcing, call center operations, software development, and exports of machinery, electrical, and information technology-related equipment.

Ambassador to the US Jose Manuel Romualdez said the country is ready to engage in more business with the US.

He said the country recently amended some of its laws to attract more foreign investments in the country and allow fair competition and support economic activity.

“There are very good indications that e-commerce in the country will only continue to grow and with this growth, come the opportunities for investors [to come and invest] in the Philippines,” he said.

With ecozones already providing necessary infrastructure and incentives, he said the Philippines can engage in climate-ready investments and infrastructure, supply chain resilience, technology advancements, artificial intelligence and cybersecurity.

US Embassy Charge d’Affaires Heather Variava said investments in health and manufacturing sectors are areas where American firms and investors may offer their expertise in the country.

“We know the Philippines is looking for additional investment across the board, especially in 5G, internet, clean energy, health, and health security areas,” she said.

PEZA

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