A delegation from the Philippines is now in Las Vegas, United States to participate in the Consumer Electronics Forum and Exhibit, the biggest electronics event in the US this year.
In a television interview on Wednesday, Philippine Economic Zone Authority (PEZA) director general Tereso Panga said the delegation attended the event to lure more American emerging innovators and tech providers into investing in the country, particularly in its more than 400 active ecozones.
“This is where we want to attract foreign investors to invest in the Philippines. We are making our presence felt in such an international forum,” Panga said.
The US remains the second largest foreign investor in the PEZA-led economic zones accounting for 14.16 percent of the registered business enterprises which include long-term hard investors like 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.
Targeting other countries
Panga said PEZA is not only focused on targeting US tech companies but also other countries such as Japan, amid the current global slump in the semiconductor industry.
“But we are preparing for the upturn in 2025. So, part of our preparations is to aggressively reach out to EMS and SMS electronic companies, not only in the US but even in Japan and other sources of foreign direct investments,” the PEZA chief said.
“In this particular mission, we are eyeing advanced manufacturing, as well as electric vehicles, and mostly AI-driven investments which have huge potential in the Philippines for manufacturing,” he informed.
PEZA is targeting to achieve P200 to P250 billion foreign direct investment approvals.
Panga said they are looking for EVs and agriculture as a potential for investments and exports.
“And of course, there is the bullish growth of the ITBPM industry, projected to grow by 10 to 15 percent. We will be more aggressive in promoting the Philippines to global investors,” he said.
Panga said that with the country’s becoming a member in the Regional Comprehensive Economic Partnership Agreement, PEZA is looking at partnering with business chambers in Australia, Taiwan, Canada and South Korea.
Foreign chambers
“We are working closely not only with embassies abroad but also with the foreign chambers in the Philippines representing these countries,” he said.
The PEZA director general said earlier that the resumption of the free trade agreement negotiations with the European Union will attract more investors from the EU countries.
Currently, there are a total of 202 PEZA-registered projects with equity from EU countries generating about P300 Billion of cumulative investments, $12 billion of exports, and creating more than 50,000 direct jobs.
