PRESS RELEASE
WDC-4-2023
13 JANUARY 2023
Embassy Press and Information Section
info@phembassy-us.org
WASHINGTON D.C. – Philippine Ambassador to the United States Jose Manuel G. Romualdez hosted an Investment Forum conducted by the Philippine Economic Zone Authority (PEZA) at the Philippine Embassy in Washington, D.C. on 12 January 2023 to invite U.S. and U.S.-based companies to invest in the Philippines, particularly in more than 400 economic zones all over the country.
The Investment Forum is the Philippine Embassy’s first of a series of economic briefings and forums lined up in 2023.
PEZA OIC Deputy Director General for Finance and Administration Aleem Siddiqui M. Guiapal presented on the opportunities and benefits of setting-up businesses in Philippine economic zones.
Jack Madrid, President and CEO of the IT and Business Process Association of the Philippines (IBPAP), discussed the Philippine advantage in IT and business process management, such as the talent and skills of the Filipino workforce and the support provided by the Philippine government, particularly PEZA, to the private sector.
In his remarks, Ambassador Romualdez stressed that the Philippines is ready to engage the U.S. business community and other partners in exploring mutually beneficial investment opportunities in the Philippines. He underscored that now is the most opportune time for the Philippines and the United States to boost economic ties as both countries deal with the lingering effects of the pandemic and the geopolitical realities in the region and around the world.
To emphasize the Philippines’ commitment to create a more business-friendly environment, the Ambassador said that the Philippines is ready to amend and pass legislation that will further facilitate investments in the country. These investments will help create jobs and improve the quality of life of Filipinos.
The Ambassador also highlighted the government’s infrastructure development program, particularly in the area of telecommunications. The entry of a new industry player for satellite internet services this year, the first in Southeast Asia, is expected to improve the quality of internet services in the Philippines.
Ambassador Romualdez reiterated President Ferdinand R. Marcos Jr.’s commitment to sustain and build on the country’s economic gains through his economic priorities, namely, addressing inflation, creating more quality jobs, achieving food and energy security, and attaining a higher economic status of the Philippines.
An open forum, moderated by US-Philippine Society Executive Director Hank Hendrickson, was held after the presentations to address questions from the audience. ###
