PEZA: PHL on radar of relocating firms

The Philippines is becoming a preferred investment destination in Southeast Asia by firms moving away from China, according to the Philippine Economic Zone Authority (PEZA).

- Louella Desiderio

"Under the current Trump 2.0 trade regime, the C+1 (China Plus One) strategy seemingly has evolved into C+1+1 (or C + 2), with the Philippines now being regarded as the new plus-one preferred destination in ASEAN (Association of Southeast Asian Nations) by relocating companies from China," PEZA director general Tereso Panga said in a statement yesterday.

He said this was the manifestation made by some Chinese companies he met during investment meetings in Xiamen, Chongqing, Shenzhen and Dongguan.

When the United States imposed higher tariffs on products from China during the first term of President Donald Trump, he said many export manufacturers in China shifted their production operations to Vietnam to maintain access to the American market and enjoy benefits under the China+ASEAN free trade agreement.