A BUSINESS delegation composed of around 40 representatives from American companies in information technology, financial services, logistics and shipping visited the Philippines this month to explore investment opportunities.
As Manila and Washington mark 80 years of diplomatic relations, the delegation, which included firms from the US Northeast, Midwest and West Coast, attended a recent investment briefing and strategic forum by the Philippine Economic Zone Authority (Peza) at the World Trade Center in Pasay City.
The mission was organized by the Philippine Embassy in the United States (US) and the Philippine Trade and Investment Centers (PTICs) in the US.
According to US Embassy Senior Commercial Counselor Paul Taylor, the Philippines remains an important economic partner for the US in Southeast Asia.
‘This is an important market and an important trade and investment relationship [of the US] in Southeast Asia,’Taylor said.
‘We know that with a partner like the Philippines, the United States can greatly impact the transparency and the ability of all of Asean to operate in a way that is going to be built on shared values and is going to head in the right direction,’ he added.
Also, during the forum, Peza Director General Tereso Panga presented the country’s investment environment and discussed initiatives that the government expects to support future investments, including the country’s upper middle-income classification, the Luzon Economic Corridor and the proposed artificial intelligence hub under the Pax Silica initiative.
‘Today is the right time to invest in the Philippines because we are at the center of emerging opportunities in trade, manufacturing, technology, and sustainable growth,’ Panga said.
‘We in Peza are ready to roll out our red carpet to all investors and work closely with you every step of the way as you grow your business in the Philippines,’ he added.
Peza also noted that it continues to be cited in the US Department of State’s annual Investment Climate Statements for the Philippines, which says that the business environment is generally more favorable within Peza-administered economic zones, particularly for export-oriented enterprises, citing regulatory transparency and one-stop-shop services for investors.