PEZA Hosts U.S. Trade And Commerce Officials To Discuss Investment Opportunities

The Philippine Economic Zone Authority (PEZA) recently played host to officials from the United States Trade and Commercial Section, signaling a concerted effort to explore avenues for enhancing US investments in the country's economic zones.

The visiting delegation was led by Economic Counselor Phil Nervig and included Trade and Investment Economic Officer Tom Pohlman, Commercial Specialist Easter Villanueva, and Economic Specialist Alta Paraiso. I Photo: Philippine Economic Zone Authority

Led by Economic Counselor Phil Nervig, the visiting delegation, including Trade and Investment Economic Officer Tom Pohlman, Commercial Specialist Easter Villanueva, and Economic Specialist Alta Paraiso, engaged in fruitful discussions with PEZA officials to foster closer collaboration and deepen trade and investment ties between the two nations.

Expressing gratitude for the US's keen interest in bolstering investments, PEZA Director General Tereso Panga underscored the pivotal role played by American companies in the Philippines' economic landscape.

With 355 US locator companies operating in PEZA-led economic zones, these investments have significantly contributed to job creation, employing over 365,000 Filipinos.

Highlighting the substantial presence of US investors in PEZA zones, Panga emphasized the vital contributions of industry giants such as Texas Instruments, Collins Aerospace, Analog Devices, and others.

These long-term investors play a crucial role in driving economic growth and innovation within the ecozones.

During the meeting, discussions centered on potential collaboration opportunities under the CHIPS and Science Act, a US-led initiative aimed at diversifying the semiconductor supply chain.

PEZA's robust semiconductor industry, home to major players in the sector, positions it as a key partner in advancing this initiative.

Looking ahead, Panga expressed optimism for the upcoming US Presidential Trade and Investment Mission scheduled for March 11-12, 2024, led by US Secretary of Commerce Gina Raimondomore.

Anticipating increased investment flows following the mission, Panga highlighted the significant economic benefits derived from existing US investments, including substantial exports totaling USD9.53 billion.

US Economic Counselor Nervig lauded the meeting with PEZA officials, emphasizing its importance in strengthening bilateral ties and fostering a conducive environment for investment.

He also highlighted the upcoming 6th Annual Indo-Pacific Business Forum, which aims to elevate the Philippines as a key regional hub for supply chains and high-quality investments.

With trade between the Philippines and the United States reaching USD36.1 billion, and Philippine exports totaling USD23.3 billion in 2022, the partnership between PEZA and US stakeholders holds immense potential for driving mutual prosperity and economic growth.

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