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Friday, March 29, 2024

US investments in PH surpass P400 billion

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US investments in the Philippines reached P402.8 billion from 363 companies that contributed $7.73 billion to annual exports.

The Philippine Economic Zone Authority underscored the increasing trade relations between the Philippines and the US during a business forum on Jan. 6 at the opening of the 2023 Consumer Electronics Show in Las Vegas, Nevada.

PEZA said that apart from the increasing investments and exports of American firms, they were also responsible for 367,049 direct hires in economic zones.

Trade Undersecretary for competitiveness and innovation group Rafaelita Aldaba led the delegation together with the Semiconductors and Electronics Industry in Philippines Inc. and PEZA.

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PEZA said the top export products of American companies in the Philippines are call centers and BPO services, UPS, tobacco, semiconductors, integrated circuits, soap and cleaning products, solar energy and printing products.

The National Capital Region hosts the most number of American locator companies with 194 spread across the different ecozones.

The key industries where US companies remain keen on investing include call centers, business process outsourcing, software development, radio, television and communication; equipment and apparatus engineering; architectural and other design services; electrical machinery and apparatus, N.E.C.; data encoding; transcribing and related services; multi-media graphics; animation, printing and other services; warehousing and storage; and real estate activities.

Top American investors include TI (Philippines) Inc.; Tiger Resort, Leisure and Entertainment Inc.; JO Morgan Chase Bank N.A. Philippine Global Service Center; American Power Conversion Corp.; C&U Philippines Inc.; TTEC Customer Care Management Philippines Inc.; ON Semiconductor Philippines Inc.; Alorica Teleservices Inc.; Infineon Technologies Manufacturing Ltd. Philippine Branch; and Moog Controls Corp. (Phils.).

The US-Philippines bilateral trade grew by 23.4 percent year-on-year in 2021 to $23.3 billion, recovering from the 11.4 percent decline in 2020.

The United States was the Philippines’ 5th largest country supplier in 2021, accounting for a 6.6-percent share of the country’s imports. It was also the largest export market of the Philippines, with 15.9-percent share of total exports value in 2021.

There are 421 ecozones nationwide comprised of 300 IT parks and centers, 78 manufacturing, 23 agro-industrial parks, 17 tourism ecozones, 3 medical tourism with a total of 4,346 locator companies nationwide.

PEZA said that from 1995 to 2021, it approved P4.07 trillion worth of investments, exported $982.6 billion of goods and services and employed 1.7 million full-time employees.

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