The Philippine Economic Zone Authority (PEZA) is aiming to get more US firms engaged in aerospace, semiconductors, pharmaceuticals and information technology (IT) sectors to invest in the country’s ecozones.
“With the status of the US as the world’s largest producer of high-technology manufacturing, we hope to attract new American investors into emerging technologies in the sectors of aircraft and spacecraft, semiconductors, computers, pharmaceuticals, renewable energy, and measuring and control instruments,” PEZA deputy director general Tereso Panga said in a social media post.
He said the PEZA would also want to see more American IT firms expanding operations in the country.
“Given the still booming IT industry in the country, we expect our global leading American IT locators to continue to expand their operations in the areas of healthcare, fintech, cybersecurity, digital and AI (artificial intelligence)-based solutions,” he said.
PEZA recently held a briefing with David Gamble Jr., economic counselor at the US embassy, as well as representatives of the Philippine US-ASEAN Business Council, American Chamber of Commerce of the Philippines, Semiconductor and Electronics Industries in the Philippines Foundation Inc., and Information Technology and Business Process Association of the Philippines.
Panga said the PEZA is ready to host more American investors in any of the 416 ecozones all over the country.
He said the US is among the country’s top trading partners and largest foreign investors.
At present, he said there are 429 locator companies with American equity registered with the PEZA.
These companies are generating investments amounting to P400.4 billion and providing employment to 311,128 Filipinos.
The US ranks third in terms of its share in PEZA’s total ecozone foreign direct investments by country.
The PEZA is aiming for a seven percent growth in ecozone investments this year from last year’s P95.03 billion.
As of the first semester, investments approved by the PEZA amounted to P32.06 billion, up 8.5 percent from last year’s P29.54 billion.