The Philippine Economic Zone Authority (PEZA) is preparing for an increase in Swiss companies conducting business in the country. Based on a Manilla Bulletin report, 28 Swiss companies — nearly half of the 60 in the entire nation—are currently functioning in PEZA. According to Tereso Panga, deputy director of PEZA’s OIC, the businesses created over 8,000 jobs locally and added close to $350 million to the GDP of the country.
Panga stated that for the benefit of both countries, the Philippines must deepen its connections with Switzerland during his speech at the World Economic Forum. The Swiss delegation, led by its Head of Bilateral Economic Affairs Ambassador Erwin Bollinger, made multiple investment pitches during the meeting.
“We hope to attract more foreign direct investments from Switzerland and EU especially with PBBM’s ongoing participation in the World Economic Forum in Davos, together with his economic team DTI Secretary Alfredo E. Pascual and Finance Secretary Benjamin E. Diokno with their collective mission to promote the Philippines as the smart investment destination in the region,” Panga said.
The discussion placed a strong priority on distributed ledger technology (DLT), along with manufacturing and fintech companies. Transportation, technology for reducing soil erosion, and tobacco manufacturing are further sectors where Switzerland may become more prominent in the upcoming months.
According to PEZA, it helped five Swiss businesses with their operational and expansion needs to facilitate their settling. Naturloop, Impact Acoustic, OVD Kinegram, Sateco, and Glencore are among the companies that received assistance; according to PEZA, their goods will help MSMEs in the Philippines.
Experts have praised the country’s regulators for enacting stringent legislation to guide the use of technology in the finance and manufacturing industries.
Over the years, the Philippines has made significant improvement in DLT adoption, particularly blockchain among others, ranking second among the top countries in Chainalysis’ 2022 Global Cryptocurrency Adoption Index.
