Philippine Economic Zone Authority (PEZA) Director General Tereso O. Panga lauded the results of the recently concluded high-level Trade Mission sent by US President Joseph R. Biden to the Philippines and led by US Secretary of Commerce Gina Raimondo last March 11-12, 2024.
“This is the start of a reinvigorated relationship that will augur well not just for the United States and the Philippines but also for our neighbors in the Region!” declared the PEZA Chief.
PEZA is positioning itself as a hub for US investments that will be a bridge between ASEAN and the Indo-Pacific as it moves towards creating a global value chain with an emphasis on investments from key sectors including manufacturing, renewable energy, science and technology, among others.
“All investments are welcome from all countries!” DG Panga noted right after his presentation at the PH-US Trade and Investment Mission (PTIM) Forum in Fairmont Makati where he also delivered the closing remarks.
The US Department of State and US Trade Administration have continually lauded PEZA, stating that “the business environment has been notably better in special economic zones, particularly those available for export businesses operated by PEZA. PEZA has received positive feedback for its regulatory transparency, no red-tape policy, and one-stop shop services for investors.”
The United States is the 2nd largest foreign investor in the ecozones, Japan being number 1. US investments account for 355 companies in PEZA, contributing PhP 404.368 Billion of investments, US$ 10.352 Billion exports, and 368,511 direct jobs as of date.
The PEZA Chief likewise highlighted, “This partnership can strategically de-risk and diversify global value chains, positioning the Philippines as your +1 in Asia. With the Philippines as your ideal hub in the region, the ASEAN and Asia-Pacific could serve as your manufacturing and distribution gateway.”
Among the US companies that have already expressed some form of interest include:
- Sol-Go Philippines Inc., a PEZA-registered solar panel manufacturer that has facilities in Lima Technology Center – Special Economic Zone, with plans to invest $5 million to expand their local operations.
- US private equity firm KKR & Co. will expand its investments in the Philippines by another $400 million according to the US Department of Commerce.
- The Apl.de.Ap Foundation International in partnership with Arizona-based firm Legacy EV will develop the country’s first electric mobility education and development center.
“The Philippines is not only prepared but eager to continue and expand our business ventures with the United States… We are ready to roll out the red carpet and are fully equipped to offer the optimal business environment, ecosystem, and a nurturing home for your business in Southeast Asia, throughout Asia, and across the Indo-Pacific,” said DG Panga in his closing remarks.