Peza, China chamber will strengthen Philippines economic ties

The Philippine Economic Zone Authority (Peza) and the China Chamber of International Commerce (CCIC) signed an agreement to boost economic ties. This aims to attract more Chinese investment and strengthen regional integration. The memorandum of understanding, signed on June 3rd, seeks to facilitate collaboration with Chinese businesses. The CCIC president, Zhao Wenfa, and Peza director general Tereso Panga were the signatories. China is a significant investor in the Philippines, accounting for 22% of foreign investments. The agreement supports the China+1 strategy, encouraging Chinese companies to expand into the Philippines.