The Philippine Economic Zone Authority (PEZA) on Tuesday signed a memorandum of agreement (MOA) with the Food and Drug Administration (FDA) to establish a green lane for pharmaceutical investments.
PEZA also accredited the Victoria Industrial Park in Victoria, Tarlac as the country’s first pharmaceutical manufacturing zone.
PEZA director-general Tereso Panga said the country’s first pharmaceutical manufacturing zone would provide a platform for Indian pharmaceutical companies to explore investment opportunities in the Philippines and forge partnerships with local stakeholders.
“We are confident that this project, combined with other initiatives like the ecozone program, CREATE More, and the upcoming Philippines-India bilateral investment agreement, will encourage more Indian investment in our local pharmaceutical manufacturing industry,” he said.
The MOA outlines a streamlined process for registered business enterprises (RBEs) to obtain permits and approvals, reducing bureaucratic hurdles and expediting the establishment of pharmaceutical manufacturing facilities within the designated zone.
Located in Victoria Industrial Park in Tarlac, the pharma zone will also host an FDA laboratory to ensure quality control and compliance with international standards.
The initiative syncs with the President’s directive to prioritize local production of essential medicines, making them more accessible and affordable for Filipinos.
The Indian pharmaceutical industry is the third largest globally by volume, supplying about 20 percent of the world’s generic medicines.
PEZA actively engaged with major Indian pharmaceutical players, many of whom have expressed interest in establishing manufacturing facilities in the Philippines during a trade mission organized by Hongkong and Shanghai Banking Corp.
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