The Philippine Economic Zone Authority (PEZA) has partnered with CTBC Bank (Philippines) Corp. to promote the Philippines as an attractive investment destination. In a statement, the investment promotion agency (IPA) said PEZA Director General Tereso Panga and CTBC Bank President and Chief Executive Officer (CEO) Luis Elizaga signed a memorandum of understanding (MOU) on Wednesday, May 14.
“This partnership reflects our shared vision of enabling industries, empowering communities, and positioning the Philippines as a globally competitive and resilient investment destination,” said Panga. Under the MOU, PEZA seeks to harness CTBC Bank’s track record in supporting businesses across Asia, particularly through its roots in Taiwan and its more than two decades of presence in the Philippines. The agency said the bank’s sound financial management makes it well-positioned to become a key enabler of growth within PEZA’s growing network of ecozones. "We welcome the participation of international banking institutions as allies in our quest to further promote the Philippines as the prime investment hub in Asia,” Panga said.
“Their participation as partners in promoting investments enhances the efforts of PEZA to capture the crème de la crème of global investors,” he added. CTBC Bank is expected to “actively support” PEZA’s investment promotion programs and initiatives, leveraging its wide network to help attract both existing and prospective investors to locate and expand their operations. In a Facebook post, CTBC Bank said the MOU signals its strong commitment to supporting economic advancement in the country, particularly among small- and medium-sized enterprises (SMEs).
Aside from CTBC, PEZA has partnered with Sumitomo Mitsui Banking Corp. (SMBC), Rizal Commercial Banking Corp. (RCBC), and HSBC for trade, commerce, and investments support and facilitation. For the first four months of the year, investment approvals by PEZA reached ₱63.52 billion, up 112 percent from ₱29.96 billion in the same period last year. The pledges, which translate to actual investments over time, cover 86 new and expansion projects. These projects are expected to create 24,290 jobs and $846.74 million in projected exports. Panga earlier said that he “remains bullish” on the growth trend this year due to the government’s “strong commitment towards investment promotion and facilitation.”
