US firms exploring IT, logistics investments in ecozones

MANILA, Philippines — American firms engaged in information technology (IT) and logistics services are exploring investment opportunities in the country’s economic zones, according to the Philippine Economic Zone Authority (PEZA).

The investment promotion agency recently welcomed a 40-member business delegation from the US Northeast, Midwest and West Coast for an investment briefing and strategic forum.

Composed of firms engaged in IT and financial services, logistics and shipping, as well as industry leaders, the delegation was in the country to explore investment opportunities.

During the investment briefing, PEZA director general Tereso Panga highlighted the country’s recent move to upper-middle income status.

He also discussed initiatives such as the Luzon Economic Corridor (LEC) and the planned artificial intelligence (AI) hub under Pax Silica in New Clark City, which are both expected to drive investments in the country.

Launched by the Philippines, US and Japan in April 2024, the LEC initiative aims to strengthen connectivity along Subic Bay, Clark, Manila and Batangas, while promoting infrastructure development to create quality jobs.

Earlier this year, the LEC welcomed new partners such as Australia, Denmark, France, Italy, South Korea, Sweden, United Kingdom and Canada.

Meanwhile, the AI hub under Pax Silica is expected to be a game-changer for the Philippines as it aims to become a significant player in new and emerging technologies and generate quality jobs.

Panga also discussed the country’s recent reforms to provide a more investor-friendly environment.

In addition, he presented advantages in investing in the country such as its skilled workforce, strategic location and expanding opportunities in manufacturing, technology, logistics, AI and sustainable industries. 

US embassy senior commercial counselor Paul Taylor reaffirmed the US’ commitment to strengthen its economic ties with the Philippines and described the country as a critical partner in the region.

“This is an important market and an important trade and investment relationship (of the US) in Southeast Asia,” Taylor said.

“We know that with a partner like the Philippines, the US can greatly impact the transparency and the ability of all of ASEAN (Association of Southeast Asian Nations) to operate in a way that is going to be built on shared values and is going to head in the right direction,” Taylor added.

PEZA aims to continue encouraging strategic investments that create quality jobs, drive innovation and promote technology transfer in the country.

“Today is the right time to invest in the Philippines because we are at the center of emerging opportunities in trade, manufacturing, technology and sustainable growth,” Panga said.

“We in PEZA are ready to roll out our red carpet to all investors and work closely with you every step of the way as you grow your business in the Philippines,” he added.