PEZA BACKS CREATION OF PHARMA ECONOMIC ZONES

The Philippine Economic Zone Authority (Peza) supports the proposed creation of pharmaceutical economic zones, with the guidelines now underway to establish this type of economic and industrial hub in the country.

Peza Director General Tereso Panga on Saturday welcomed this priority initiative from economic affairs and investment czar Frederick Go, as part of a seven-point agenda identified for the economic transformation of the Philippines.

“We are in full coordination with other government agencies to make sure that this objective meets with success,” Panga said in a message sent to reporters.

Panga also said that they were already coordinating with the Department of Health, the Food and Drug Administration (FDA), the Department of Trade and Industry (DTI) and the Philippine Chamber of Pharmaceutical Industries in crafting the guidelines for the registration of pharmaceutical zones.

The Peza chief emphasized that these pharmaceutical economic zones would boost local supply as well as provide business and capability-building opportunities, particularly for local small and medium enterprises.

He added that these would also contribute to the science, technology and innovation-driven industrialization strategy of the DTI by strengthening partnerships between global drug manufacturing companies and local industry players with their integration into the ecozone and global value chains.

Late last month, the investment promotion agency entered into a memorandum of agreement with the FDA to streamline the applications for permits and licenses to operate for registered business enterprises engaged in the manufacturing of food, cosmetics, drug products and medical devices.

Peza hosts a total of 26 operating companies engaged in the manufacture of pharmaceutical products and medical equipment or devices, based on end-2023 data. These have generated about P25.5 billion worth of investments and created more than 19,000 direct jobs.