Medical investments in PH ecozones reach P21.8bn
The medical product manufacturing investments in Philippine economic zones have reached P21.8 billion (US$429 million) as pharmaceutical companies expand their operations in the country.
During a virtual briefing for the Pakistan Pharmaceutical Manufacturers Association (PPMA), Philippine Economic Zone Authority (PEZA) Deputy Director-General Tereso Panga reported there are now 26 PEZA-registered medical manufacturers in the Philippines.
Panga stated that they are working on convincing Getz Pharma, another Pakistani medical manufacturer, and other foreign pharma companies to locate in PEZA ecozones. Currently, there is only one Pakistani medical firm investor in PEZA — Royal Life Pharma Corp
Further, PEZA Director-General Charito B. Plaza, Philippine Ambassador to Pakistan Daniel R. Espiritu, and other government officials encouraged PPMA to expand their future operations in the first PEZA-approved pharma park called First Bulacan Business Park (FBBP).
PPMA has 700 member companies of well-known and worldwide based pharma corporations. Its total exports in 2019 stood at US$218 million.
