Investors in special economic zones (SEZs) are guaranteed intellectual property rights protection with the signing of a memorandum of understanding (MOU) between the Intellectual Property Office of the Philippines (IPOPHL) and the Philippine Economic Zone Authority (PEZA).
Under the MOU signed last month by IPOPHL director-general Rowel Barba and PEZA director- general Tereso Panga, the agencies will promote the use of the intellectual property (IP) system in furthering business and innovative activities within SEZs.
The MOU also establishes a biennial work plan to promote IP protection to current and potential investors in the SEZ.
“We want to boost the confidence of foreign direct investors where PEZA is a key player. Our goal here is to assure investors the Philippines is a suitable and secure destination with a strong IP system where investments are protected. By underlining the importance of protecting and enforcing IP rights in these areas, current and potential companies and investors can do business in the Philippines knowing their IP assets are in safe hands,” Barba said.
Along with the work plan, the two parties are set to mainstream IP into PEZA’s developmental goals by conducting knowledge orientation and skills training to its officials and staff.
“(This MOU) can simplify our procedures to make it easy for our locators – those particularly applying for patents and trademarks. From our end, we would also look into inputs from our investors,” said Panga, underlining the priority to promote IP among PEZA stakeholders.
As of September 2023, PEZA has established 422 ecozones across the country, which are home to 4,372 locator companies.
The Philippines remains an attractive investment destination since its exclusion from the European Commission’s IP watchlist in 2020 and the United States Trade Representative’s Special 301 Report in 2013.
