The Philippine Economic Zone Authority (PEZA) has generated promising investment opportunities in the country’s ecozones after sending a trade mission to the United Kingdom last week.
PEZA said the trade mission showcased the potential of various industries, including logistics, energy and infrastructure development, retail trade and tourism, electronics, information technology process management, steel manufacturing, pharmaceuticals, data centers and agro-processing.
In a social media post on Saturday, PEZA said it explored industry engagements and potential government-to-government collaborations with Tech West England Advocates, SparQ International, Santander UK, the UK Department for Business and Trade, and the British Chambers of Commerce.
PEZA said a leading UK-Taiwanese company engaged in power electronics is considering the Philippines as its next manufacturing hub in the Asian region.
PEZA declined to identify the company but said it is a Tier-1 supplier to British technology company Dyson, which is also a PEZA-registered locator.
PEZA Director General Tereso Panga and Philippine Ambassador to the UK Teodoro Locsin Jr. attended the UK government briefing for foreign embassies on the newly launched Modern Industrial and Trade Strategy, a 10-year plan to increase investment and grow the industries of the future in the UK.
The strategy will make it quicker and easier for businesses to invest and will provide the certainty and stability needed for long-term investment decisions, the UK government stated on its website.
PEZA said with the UK strategy in place, the Philippines must build on the Joint Economic and Trade Committee (JETCO) and pursue the country’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
“This would enable the Philippines to take part in the UK’s industrial strategy, particularly in its eight priority growth sectors (IS-8),” PEZA said.
The IS-8 refers to advanced manufacturing, clean energy industries, creative industries, defense, digital and technology, financial services, life sciences, and professional and business services.
The Philippines and the UK held the inaugural JETCO meeting in March, aimed at upgrading the growing bilateral economic relationship between the two countries. This included exploring ways to boost trade and investment, as well as addressing barriers to market access.
Both countries endorsed a program of work to advance bilateral cooperation over the next 12 to 18 months, encompassing government-to-government and government-to-business activities in agreed-upon priority areas, including infrastructure, agriculture, energy, economic development, life sciences, and technology.
The Philippines plans to join the CPTPP, a free trade agreement among 12 members, including the UK.
PEZA hosts 64 British locators, which have infused a total of P34 billion in investments and generated employment for over 72,000 Filipinos to date, the agency said.
The Philippines is a beneficiary of the UK’s Developing Countries Trading Scheme) which grants preferential tariffs on 99 percent of Philippine exports.
Last year, total trade in goods and services between the UK and the Philippines reached £3 billion, a 3 percent increase from £2.9 billion in 2023.
