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Tuesday, February 18, 2025
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Tuesday, February 18, 2025

PEZA, business group sign deal to woo Australian firms

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The Philippine Economic Zone Authority (PEZA) and the Chamber of Commerce and Industry Australia Philippines Inc. (CCIAP) signed a memorandum of understanding (MOU) on Jan. 24, 2025 to bring Australian investors into the Philippines.

PEZA director-general Tereso Panga and CCIAP president Connie da Cunha formalized the partnership, marking a new chapter of collaboration between the two organizations.

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“The partnership between PEZA and CCIAP underscores the growing trade relationship between Australia and the Philippines. We hope that this strengthened alliance will lead to a greater presence of Australian businesses in the Philippines in the near future,” said Panga.

CCIAP thus becomes the latest member of PEZA’s Investment Promotion Partners (IPP) and outlined a range of exciting opportunities for collaboration, particularly in promoting a sustainable circular economy.

Key initiatives under the MOU include driving research and development (R&D) partnerships with academic institutions and laboratories, attracting multinational biotech firms for local manufacturing and commercialization and ensuring consistent foreign direct investment (FDI) flows through strategic collaborations with ASEAN governments and industry groups.

The agreement represents a milestone in attracting global biotech companies to the Philippines, creating a solid value chain and strengthening both the economic and diplomatic ties between the two nations.

The partnership also aligns with PEZA’s goal of not only promoting the Philippines as an attractive investment destination but also positioning it as a leading biotechnology hub within ASEAN.

PEZA locators with Australian equity have generated over P11 billion in investments, about $750 million in exports and created more than 47,000 direct jobs.

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