Peza signs up for collab with China business chamber
The Philippine Economic Zone Authority is keen on attracting more investors from China. (Photo from PEZA/Facebook)
MANILA, Philippines — The Philippine Economic Zone Authority (Peza) on Monday signed an agreement with the head of the China Chamber of International Commerce (CCIC). The pact is intended to further strengthen regional economic integration between the Philippines and China.
Peza said a memorandum of understanding was signed on June 3 at its head office in Pasay City. The signatories were Peza director general Tereso Panga and CCIC president Zhao Wenfa.
“The engagement laid the groundwork for closer collaboration with Chinese enterprises seeking resilient, dual-base production and supply chain models in the region,” Peza said in a statement.
READ: Peza posts record P1.39-billion dividend payout
Aside from serving as president of the CCIC, Zhao is also the chair of Aoxing Group, a diversified Chinese conglomerate.
According to the agency, Aoxing is a leading original equipment manufacturer based in Dongguan, Guangdong. It specializes in projector equipment, screens, and audiovisual products for global brands such as HP, Epson and Skyworth.
Chinese businesses account for 22% of FDI
“With his strong economic insight and extensive network across the Chamber of Commerce and Chinese communities in mainland China, Hong Kong, Macao, and beyond, Mr. Zhao is well-positioned to promote both local and foreign direct investments into Peza ecozones,” the agency said.
READ: Peza: Cebu Province, C. Luzon eyed as sites for 30 more ecozones
China continues to be a key investment partner of the Philippines. It accounts for 22 percent of all foreign investments, according to Peza records.
Chinese companies registered with Peza have contributed more than $406 million in exports and generated over 16,000 jobs across the country.
The agency is also positioning the Philippines as a key player in the evolving China+1+1 strategy. This encourages companies to maintain operations in China while expanding to additional markets in Asia.
