The Philippine Economic Zone Authority (Peza) recently signed an agreement with the head of the China Chamber of International Commerce (CCIC) to enhance regional economic integration between the two countries.

A memorandum of understanding was signed on June 3 at Peza's head office in Pasay City, with Peza director general Tereso Panga and CCIC president Zhao Wenfa as signatories.

This collaboration aims to strengthen ties with Chinese enterprises looking to establish resilient production and supply chain models in the region, as stated by Peza in a recent statement.

Aside from leading the CCIC, Zhao also chairs Aoxing Group, a prominent Chinese conglomerate known for its manufacturing expertise in projector equipment, screens, and audiovisual products for global brands like HP, Epson, and Skyworth.

With his vast economic knowledge and extensive network in various Chinese communities, Zhao is well-equipped to attract both local and foreign direct investments into Peza ecozones, according to the agency.

China remains a significant investment partner for the Philippines, representing 22% of all foreign investments received, as per Peza's data. Chinese companies registered with Peza have contributed over $406 million in exports and created more than 16,000 jobs nationwide.

Peza is actively positioning the Philippines as a key player in the evolving China+1+1 strategy, encouraging businesses to maintain operations in China while expanding into other Asian markets.