The Philippine Economic Zone Authority (PEZA) seeks to attract more US companies in economic zones, as it welcomed Tuesday a US trade and commercial section delegation.
“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 PEZA director-general Tereso Panga in his opening remarks during the investment briefing held at the PEZA headquarters in Pasay City.
The US delegation led by economic counselor Phil Nervig discussed the US-Philippine collaboration through the CHIPS and Science Act, a US-led policy initiative aimed at diversifying the semiconductor supply chain.
Nervig said the update on US investments in the Philippines was of great interest and highly appreciated. He also extended the invitation to the 6th Annual Indo-Pacific Business Forum to be jointly co-hosted by the United States and the Philippines.
The forum intends to strengthen the position of the Philippines as a key hub for regional supply chains and high-quality investments.
Panga said that with in-coming high-level US presidential trade and investment mission to be dispatched by President Joe Biden in March 2024, there would be more time to discuss mutual cooperation on trade and investments.
The two-day trade mission on March 11 to 12, 2024 will be led by no less than US secretary of Commerce Gina Raimondo.
The US remains the second largest foreign investor in the PEZA led economic zones accounting for 14.16 percent of registered business enterprises (RBEs) which include long term investors like Texas Instruments, Collins Aerospace, Analog Devices, Concentrix, MOOG, Teradyne and JP Morgan Chase Bank.
There are 355 US locator companies in PEZA economic zones generating employment for 365,257 Filipinos.
Bilateral trade reached $36.1 billion, with Philippine exports amounting to $23.3 billion in 2022.