Watch more News on iWantTFC

The Philippine Economic Zone Authority and the Filipino American Chamber of Commerce of Virginia recently signed a memorandum of understanding to bring in more investments to the Philippines.

The FACCV is now the new Philippines' Investment Promotion Partner or "Ka-PIPPS" of PEZA in the United States.

PEZA Director General Tereso Panga said the MOU is designed to attract more Filipino-Americans who are in a better position to help promote the Philippines in the U.S.

The said program aims to foster partnerships with government agencies, private associations, and individuals to promote foreign direct investment inflows to PEZA ecozones.

Panga said the Philippine government has already implemented this in other countries in partnership with local Filipino communities.

"We were able to generate a lot of leads from Filipinos resident abroad," he said. "They become our conduits to multinational companies where they are affiliated with or at one point, had worked for."

FACCV chairman and founder, Angelo Reyes, said the partnership will open more opportunities in the Philippines and in Virginia.

"Once you start developing relationships on a local level, it creates a direct impact in that community, not just for business and investments, but also for the Filipino community," he said.

Reyes said they are looking to conduct business roadshows in Virginia to inform businessmen and potential investors about how they can invest in the Philippines.

The partnership is also seen to further strengthen the relationship between the Philippines and the U.S.

Said Kenneth Yap of the Philippine embassy in Washington, D.C.: "The support of the Filipino-American community is key to enhancing our bilateral ties with the U.S."

Data from PEZA showed that Americans are among the top investors of PEZA. They contributed over $24 billion worth of investments from 1995 to March last year.