PEZA bullish on US trade and investment mission to Philippines

The Philippine Economic Zone Authority (PEZA) expressed optimism on a trade and investment mission arriving from the United States next month.

In a statement on Tuesday, PEZA director-general Tereso Panga said the investment promotions agency is bullish on the high-level US Presidential Trade and Investment Mission to be dispatched by American President Joe Biden in March 2024 as this could increase US companies’ investment portfolio in the country’s economic zones.

Panga said American firms’ investment portfolio in economic zones currently stands at P404.37 billion.

Meanwhile, exports derived from US investments resulted in around $9.53 billion for the Philippines.

The high-level US Presidential Trade Mission was a commitment of President Biden during the official visits of President Ferdinand Marcos Jr. to the US.

The US trade mission will be led by US Secretary of Commerce Gina Raimondo from March 11 to 12, 2024.

Latest recorded trade of goods and services between the Philippines and the US stands at $36.1 billion with Philippine exports reaching $23.3 billion in 2022.

According to PEZA, the US is the second largest foreign investor in its economic zones accounting for 14.16% of the registered business enterprises, which include Texas Instruments, Collins Aerospace, Analog Devices, Concentrix, MOOG, Teradyne, JP Morgan Chase Bank, among others. 

There are currently 355 US locator companies in the PEZA economic zones generating employment for 365,257 Filipinos. 

Source:gmanetwork