The Philippine Economic Zone Authority (PEZA) has tapped American firms, the agency’s third last largest foreign investor by nationality, in the promotion of investment opportunities in the country’s various economic zones.
PEZA Director-General Charito B. Plaza advanced her push for deepened collaboration during her attendance at the virtual General Membership Meeting (GMM) spearheaded by the American Chamber (AmCham) of Commerce of the Philippines
Plaza seeks to further strengthen ties with international investors. The monthly AmCham GMM is one platform for discussion among key public and private stakeholders thereby expanding their networks and collaborate with a wide range of industry leaders.
At the GMM, Plaza revealed that Americans are the third biggest investors in PEZA with a share of 15.20 percent of total. There are also 976 American enterprises employing 294,137 workers in economic zones.”
American investments are present in major domestic industries such as call centers, business process outsourcing, software development, engineering, architectural and other design services, as well as radio, television, and communication equipment and apparatus.
Despite the uncertainties brought about by the COVID-19 pandemic, PEZA remained aggressive in keeping and even attracting more investors in the country to further protect both the economy and the Filipino workers.
For its part, AmCham Executive Director Ebb Hinchliffe expressed the group’s dynamic support, trust, and confidence to PEZA and is looking forward to the continuous leadership of Director General Plaza.
“Thank you, PEZA Director General Plaza, for the never-ending list of projects especially for all your assistance and addressing the concerns and issues of our locators,” said Hinchliffe.
Meantime, Plaza also announced that PEZA has developed a medium and long-term development plan for the next 25 years known as the “Transformational Roadmap”.
The roadmap seeks to unlock the potentials of the Philippine industries, further addressing the efficiency factors in economic zone development, build new partnerships, and enhance the competitiveness of Philippine exports, human capital, and investments.
Plaza said the roadmap is important because of efficiency issues in the country despite the fact that the Philippines has abundant human and natural resources strategically located at the center of Asia and the Pacific. “We still lack efficiency factors such as the supply chain, more logistics, and transportation hubs, credit facilities, and a very competitive tax and incentives regime,” she said.