Peza: More EU investments with FTA talks revival

THE Philippine Economic Zone Authority (Peza) is bullish that more investors from the European Union (EU) will be keen on exploring opportunities in export zones in the country with the revival of the negotiations of the Philippines-EU free trade agreement (FTA).

“With the initiatives of President Ferdinand Marcos Jr. and his economic team in constantly positioning the Philippines in the global investment landscape, we are positive that investors from the EU will look at the country for their investment ventures especially with the presence of an FTA,” Peza Director General Teresa Panga said in a statement Monday.

According to the Peza, it has registered a total of 202 projects with equity from EU countries with aggregate investments of about PHP300 billion. These projects generated USD12 billion in exports and over 50,000 direct jobs.

“The FTA would strengthen both the Philippines and the EU’s bilateral trade and economic relations, making an ecosystem fit for our agile investors given that the EU is the Philippines’ fifth largest trade partner,” Panga said.

To pursue investments from the EU, Panga said, the Peza will conduct investment missions in Europe as a follow-through from the recent visit of President Marcos in Germany and Czech Republic.

During the week when the Philippines and EU jointly announced the resumption of formal FTA discussions after being stalled for seven years, the Peza was on its first-ever investment mission in Madrid, Spain from March 18 to 23.

The Philippine Investment Forum in Madrid was participated by participants from different Spanish business chamber as well as companies in the sectors of shipbuilding, agro-industrial, pharmaceutical, information technology and business process management, renewable energy, transport, steel and construction, water development, and tourism. /