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PEZA pins US investment hopes on Luzon corridor

THE PHILIPPINE Economic Zone Authority (PEZA) said it is looking for more US investments in logistics and infrastructure, many of them likely to be tied to the Luzon Economic Corridor.

In a statement on Sunday, PEZA Director General Tereso O. Panga said that the upcoming Luzon Economic Corridor will boost investment in economic zones.

“We also see our investors taking advantage of the upcoming Luzon economic corridor which will support connectivity among Subic Bay, Clark, Manila, and Batangas as well as facilitate strategic, anchor investments within each hub in high-impact infrastructure projects, among others,” he added.

The US Trade and Development Agency has said that it will aid the Philippines with feasibility studies for projects in developing the corridor.

The corridor is focused on improving infrastructure such as rail and ports, as well as strategic investments in semiconductors, clean energy, and supply chains.

PEZA has said that it was looking at $100 billion in prospective investment deals from the US and Japan in electronic manufacturing services, manufacturing and supply chains, clean energy, agri-business, rail, and port infrastructure.

“We cannot pass up on the current developments and opportunities in ally-shoring as the Philippines is still in the sweet spot for attracting investment,” Mr. Panga added.

He said Ecozone Logistics Service Enterprises could facilitate the entry of more logistics companies to support upcoming new ecozone locators.

It said that the China+1 location strategy being pursued by many companies, the US CHIPS Act, and the US-Japan-Philippines trilateral agreement could be leveraged to attract more investment.

“PEZA remains bullish in increasing its more than 300 companies with US equity in the Philippines and bring in more investment and jobs,” it added. — Adrian H. Halili