PEZA, U.S. strengthen investment ties
PASAY CITY, PHILIPPINES — The Philippine Economic Zone Authority (PEZA) and U.S. Trade and Commercial officials pledged to enhance the investment drive between the two nations to bolster economic relations.
The meeting, held at the PEZA office in Pasay City, was led by PEZA Director General Tereso Panga and featured key U.S. officials, including Economic Counselor Phil Nervig, Trade & Investment Economic Officer Tom Pohlman, Commercial Specialist Easter Villanueva, and Economic Specialist Alta Paraiso.
Panga expressed gratitude towards the U.S. for its continued interest in fostering stronger trade and investment relations.
“We thank you for the interest that the U.S. has shown in helping PEZA acquire more U.S. investments in light of the renewed and strengthened ties that deepen trade and investment relations between our two allied nations!” he remarked.
The U.S. is currently the second-largest foreign investor in PEZA-led economic zones, contributing to 14.16% of the Registered Business Enterprises (RBEs).
Notable American companies such as Texas Instruments, Collins Aerospace, Analog Devices, Concentrix, MOOG, Teradyne, and JP Morgan Chase Bank are among the 355 US locator companies in the PEZA economic zones, providing jobs for 365,257 Filipinos.
The discussions also touched upon collaboration through the CHIPS and Science Act, aiming to diversify the semiconductor supply chain.
With the upcoming high-level U.S. Presidential Trade and Investment Mission led by U.S. Secretary of Commerce Gina Raimondo in March 2024, PEZA is optimistic about attracting more U.S. companies to invest in the Philippines.
U.S. Economic Counselor Phil Nervig highlighted the productive meeting and extended an invitation to the 6th Annual Indo-Pacific Business Forum, co-hosted by the U.S. and the Philippines. This forum aims to position the Philippines as a central hub for regional supply chains and high-quality investments.
The latest trade data between the Philippines and the United States shows a robust partnership, with trade of goods and services amounting to $36.1 billion and Philippine exports reaching $23.3 billion in 2022.
