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Manila Bulletin devider Business devider Trade & Industry devider PEZA wants more US investments in ecozones

PEZA wants more US investments in ecozones

Published Feb 28, 2024 05:44 am

The Philippine Economic Zone Authority (PEZA) said it remains bullish in attracting more US locator companies and investments to their ecozones.

As it welcomes more firms across the ocean, PEZA said that it hopes to increase its US investment portfolio above the current P404.37 billion. To date, PEZA reported that exports derived from US investments stood at $9.53 billion.

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PEZA Director General Tereso O. Panga with Economic Counselor Phil Nervig and Trade & Investment Economic Officer Tom Pohlman

Currently, there are 355 US locator companies operating in PEZA-led ecozones, accounting for 14.16 percent of PEZA-registered business enterprises (RBEs). This makes the US the agency's second biggest foreign investor.

Among the large and long-term investors to PEZA are Texas Instruments, Collins Aerospace, Analog Devices, Concentrix, MOOG, Teradyne, and JP Morgan Chase Bank.

According to PEZA, Philippine exports to the US reached $23.3 billion in 2022. Overall trade of goods and services between the two countries hit $36.1 billion in the same year.  

PEZA Director General Tereso Panga recently held consecutive meetings with US Trade and Commercial section officials namely Economic Counselor Phil Nervig, Trade and Investment Economic Officer Tom Pohlman, Commercial Specialist Easter Villanueva, and Economic Specialist Alta Paraiso.  

The topic of facilitating more investments and accommodating more US locators were discussed, as well as the Philippines' potential inclusion in the funding program offered by the US government under the CHIPS and Science Act to develop the domestic semiconductor sector.

"We thank you for the interest that the US has shown in helping PEZA acquire more US investments in light of the renewed and strengthened ties that deepen trade and investment relations between our two allied nations," said Panga.

The meetings were made ahead of the US Presidential Trade and Investments visit in March, where 30 heads of prominent companies in the US will engage with the Filipino government and business community to form economic linkages and possible partnerships.

This delegation, organized by the White House itself, will be led by US Secretary of Commerce Gina Raimondo.

 

RELATED STORY: US-Philippines group vows next level trade ties

 

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