Philippines Cites New Era in Bilateral Relations, Invites New Zealand Companies to “Make it Happen in the Philippines”
WELLINGTON 03 June 2024 – On the heels of the successful visit to Manila of New Zealand Prime Minister Christopher Luxon last April, the Philippine government showcased investment opportunities in the country and invited New Zealand businesses to invest in the Philippines at the “Make it Happen in the Philippines: A Business Forum and Networking Night Monday” on May 27.
The event brought together over 100 business executives in New Zealand to hear from speakers that illustrated what the Philippines offers as a profitable trade partner and why it is a viable destination for investments.
“The visit of the Prime Minister signaled the beginning of a new era of bilateral relations between the Philippines and New Zealand, to culminate into a Comprehensive 2 Partnership by 2026, the year we mark the 60th anniversary of bilateral diplomatic relations. (The forum and networking) aims to follow through on that commitment made by our (Prime Minister Luxon and President Ferdinand Marcos Jr to raise our economic relations to much higher levels by facilitating connections between the business communities of our two countries towards forging new partnerships and collaborations that will benefit our respective economic goals,” H.E. Kira Azucena, Philippine Ambassador to New Zealand, said in her welcome remarks.
Philippine Department of Trade and Industry Undersecretary Allan Gepty in his keynote speech highlighted the Philippines’ resilient economy, which in 2023 posted a better-than-expected GDP growth rate of 5.6%, strong growth projections by multilateral organizations and robust macroeconomic fundamentals.
“This strong economic performance and projections means that there are a lot of economic activities going on in the country,” Undersecretary Gepty said.
“With our strong partnership and existing economic platforms, such as AANZFTA, RCEP, and IPEF, I can say that there are still a lot of opportunities that have not been explored,” he said. He shared that during the visit of Prime Minister Luxon in Manila, President Marcos welcomed NZ’s commitment to step up and deepen engagement in the Southeast Asian region, and work together in the areas of agricultural technology and innovation, agribusiness, renewable energy, education and skills, digital infrastructure, including maximizing the Philippines’ expertise in information technology and business process management (IT-BPM).
Undersecretary Gepty said the country’s advantages could be summed up into three (3) Ps: People, Place, and Policy Direction, highlighting the country’s demographic advantage and growing human capital more than the usual field of disciplines where Filipinos are known for. Moreover, he stressed the country’s strategic location with linkages and ties to other major economies, access to a wide network of free trade agreements and arrangements, and as an ideal hub for innovation with the country’s vibrant tech industry, burgeoning start-up scene and world-class research institutions.
Meanwhile, representatives from Special Economic Zones such as the Philippine Economic Zone Authority (PEZA) and Subic Bay Metropolitan Authority (SBMA) discussed investment opportunities for New Zealand companies in the country’s world-class and environment-friendly economic and freeport zones.
Maria Veronica Magsino, PEZA’s Deputy Director General for Finance and Administration, shared PEZA’s new frontiers in ecozone development, such as 3 aerotropolis parks, agro-forestry parks, biotech centers, fintech hubs, Knowledge, Innovation, Science and Technology (KIST) parks, and start-up ecozones.
“With PEZA’s one-stop and non-stop shop, foreign investors are assured of 24/7 continuous assistance, adherence to the Anti-Red Tape mandate, ISO certification, protection of the environment and rights of Filipino workers,” Magsino said. She added that PEZA’s brand of service has been recognized by international agencies, such as the US Trade Administration, US Department of State, Bloomberg, and ASEAN-UNCTAD and other reputable organizations.
Karen Magno, Department Manager of the Business and Investment Department for Manufacturing and Maritime of SBMA, highlighted strategic investment and business partnership opportunities in the Subic Bay Freeport in the areas of manufacturing and maritime, leisure and tourism, renewable energy, ICT, general business and transportation. Magno underscored that investors will benefit from Subic’s accessibility, dependable infrastructure and complete port facilities.
The second half of the program consisted of a panel discussion featuring Deployed, an IT-business process outsourcing company in the Philippines represented by its Managing Director Geoff Baldwin, and offshoring company KMC Solutions represented by its Manager for ANZ Ivan Trajkovski, as well as the ecozone representatives. This was followed by a networking session where participants engaged in active discussions while enjoying Filipino food, including the iconic lechon, and hospitality.
The event was organized by the Auckland Chamber of Commerce and supported by the ASEAN New Zealand Business Council (ANZBC) and the New Zealand Philippines Business Council (NZPBC) in partnership with the Philippine Embassy in Wellington and the Philippine Department of Trade and Industry. END
For more information, visit https://www.wellingtonpe.dfa.gov.ph, https://www.philembassy.org.nz or https://www.facebook.com/PHLinNZ/.