The Philippine Economic Zone Authority (PEZA) has announced that it sealed a memorandum of understanding (MoU) with the International Chamber of Commerce (ICC) based in China to further strengthen regional economic integration between the two countries.

The MoU signing between PEZA Director General Tereso Panga and ICC-Dongguan President Zhao Wenfa on 3 June at the PEZA Office in Pasay City was a direct outcome of PEZA’s investment mission to China last March.

Wenfa also serves as the chairperson of the Aoxing Group, an enterprise that produces high and low voltage power distribution equipment, control equipment, and lighting fixtures.

The investment mission forms part of the evolving China+1+1 strategy, a diversification trend where companies maintain operations in China while expanding to other Asian markets. It has been identified as a key opportunity for Southeast Asia.

The engagement laid the groundwork for closer collaboration with Chinese enterprises seeking resilient, dual-base production and supply chain models in the region.

As PEZA’s latest Investment Promotion Partner (IPP), Wenfa emphasized the importance of leveraging localized business operations as a foundation for sustainable economic collaboration.

He also serves as CEO of Dongguan Aoxing Audio Visual Equipment Co., Ltd., a leading OEM based in Dongguan that manufactures projector equipment, projector screens, and audiovisual products for global brands such as HP, Epson, and Skyworth.

With extensive experience and a strong global market presence, Zhao has led the company in exporting AV equipment to markets across America, Europe, Asia, and the Middle East.

Through his economic insight and vast network across the Chamber of Commerce and Chinese communities in mainland China, Hong Kong, Macao, and beyond, Wenfa is well-positioned to promote both local and foreign direct investments into PEZA ecozones.

DG Panga reaffirmed the importance of this commitment, stating, “PEZA counts the Chinese investors (including those from Taiwan and Hong Kong) among our best bets for FDI attraction for this year and for succeeding years to come."

"With the Philippines as the new ‘plus one’ destination for China-based manufacturers wanting to export to the US and EU, our partners will play a major role in our quest to actively engage Chinese enterprises and to promote the Philippines’ competitive edge as the emerging investment hub in the region,” according to Panga.