The Philippine Economic Zone Authority (PEZA) has announced that it has 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 sealing between PEZA director general Tereso Panga and ICC-Dongguan president Zhao Wenfa last 3 June at the PEZA Office in Pasay City, was a direct outcome of PEZA’s investment mission to China last March.

Wenfa is also 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, and was identified as a key opportunity for Southeast Asia.

Closer collab

Further, 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 underlined 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.