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The Philippine Economic Zone Authority is bullish in welcoming more investments from US companies with the upcoming US Presidential Trade and Investment Mission in March 2024
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The trade mission will be led by US Secretary of Commerce Gina Raimondo from March 11-12
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The US remains the second largest foreign investor in PEZA economic zones, accounting for 14.16% of the registered business enterprises
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There are currently 355 US locator companies in the PEZA economic zones with an investment portfolio of P404.37 billion
The Philippine Economic Zone Authority (PEZA) expects more investments from the United States with the upcoming US Presidential Trade and Investment Mission in March 2024.
The high-level trade mission was a commitment of US President Joe Biden during the official visit of President Ferdinand Marcos, Jr. to the US and was announced in January 12, 2024. The trade mission will be led by US Secretary of Commerce Gina Raimondo from March 11-12.
In a statement, PEZA said the US remains the second largest foreign investor in PEZA economic zones, accounting for 14.16% of the registered business enterprises, which include long term hard investors like Texas Instruments, Collins Aerospace, Analog Devices, Concentrix, MOOG, Teradyne, and JP Morgan Chase Bank, among others.
There are currently 355 US locator companies in the PEZA economic zones generating employment for 365,257 Filipinos. US companies’ investment portfolio in PEZA economic zones is at P404.37 billion, which resulted in around $9.53 billion worth of exports for the Philippines.
PEZA recently welcomed US Trade and Commercial Section officials led by Economic Counselor Phil Nervig for a briefing on the current state of US investments in Philippine ecozones.
“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,” PEZA director general Tereso Panga said.
With PEZA being home to the largest players in the semiconductor industry, the parties also discussed collaboration through the Creating Helpful Incentives to Produce Semiconductors and Science Act of 2022 (CHIPS and Science Act), signed into law in August 2022.
Latest recorded trade of goods and services between the Philippines and the US stood at $36.1 billion with Philippine exports reaching $23.3 billion in 2022.
