The Philippine Economic Zone Authority (PEZA) is looking to increase its Swiss business partners as it pitched the country’s 4,300-strong export-oriented industries in the Philippine-Switzerland 5th Joint Economic Commission (JEC) held last January 12, 2023.
The summit, which was held in Bern, Switzerland, hosted bilateral meetings and outbound missions. The Philippine delegation was led by the Board of Investments (BOI).
PEZA OIC Director General Tereso O. Panga said there are 60 Swiss companies currently operating in the Philippines, and 28 of them are registered with PEZA as export-oriented in IT and manufacturing enterprises.
“These Swiss locators have by far generated PhP19.618 billion in cumulative investments and 8,547 direct jobs,” Panga said.
“Supporting the active promotion of the Philippines as ‘driver of growth and a gateway to the Asia-Pacific region’ by President Bongbong Marcos Jr. in his foreign travels, we in PEZA are glad to come earlier to Switzerland before the World Economic Forum (WEF) held in Davos and contribute to harnessing good relations between Philippines and Switzerland through the Joint Economic Commission (JEC),” Panga added.
BOI Managing Head Undersecretary Ceferino ‘Perry’ Rodolfo led the Philippine delegation in the JEC bilateral talks with the Swiss government on trade and investments.
TECH AS KEY AREA OF INVESTMENT
Both BOI and PEZA made their investment pitches in the JEC forum, which was attended by Swiss business chambers as well as prospective and existing Swiss investors in the Philippines.
The key areas of existing and new investments are in the sectors of financial technology, blockchain, high-tech machinery like turbo-charging equipment used in power generation, transport and manufacturing, tobacco processing, and soil erosion technology.
Among the specific topics discussed between the two countries are the exchange of views on domestic economic situation, Philippines-EFTA Free Trade Agreement, bilateral relations and economic cooperation, and concerns from the private sector which included protection of intellectual property rights and combating smuggling.
EXPORT-ORIENTED INDUSTRIES
Aside from pitching the Philippine economic zones, PEZA OIC Chief Panga spoke in the JEC meeting to share about the initiatives and milestone of the agency for sustainability action and reporting for its more than 4,300 export-oriented industries.
OIC Chief Panga highlighted PEZA’s Memorandum of Understanding (MOU) with Global Reporting Initiative (GRI) forged since March 2022 for sustainability reporting. Affiliated with the United Nations Environment Programme, GRI is an international independent standards organization that helps businesses, governments and other organizations understand and communicate their impacts on issues such as climate change, human rights and corruption.
He said, “This MOU aims to contribute to the acceleration and achievement of the Sustainable Development Goals (SDGs) and the advancement of sustainability reporting in the Philippines especially within the ecosystem of export-oriented locators in PEZA.”
MORE FDIS FROM SWITZERLAND AND EUROPE
Having exceeded the 6 to 7% target growth in 2022 of PEZA as the agency achieved 103.03% increase as compared to same period in 2021, OIC Chief Panga is hopeful in 2023 that “PEZA can attract more foreign direct investments (FDIs) from Switzerland and European countries especially with PBBM’s ongoing participation in the World Economic Forum in Davos, Switzerland.
Switzerland has one of the highest levels of per capita GDP in the world given its strong economic performance that are largely driven by the services sector. Switzerland is also one of the world’s major financial centers. Its economy is based largely on international trade and banking, as well as light and heavy industries. Manufactures include watches, precision instruments, machinery, and chemicals. (PEZA)
