The Philippine Chamber of Commerce and Industry (PCCI) is pursuing investments in agriculture and business process outsourcing (BPO) from Paraguay. This initiative follows the recent visit of Paraguayan President Santiago Peña to Manila.
PCCI President Ferdinand Ferrer stated that Philippine businesses are currently assessing opportunities in various sectors, including agriculture, renewable energy, and electronics manufacturing.
Ferrer noted that Paraguay is promoting itself as a cost-effective investment option, boasting competitive electricity rates of around P3 per kilowatt-hour, all sourced from renewable energy. "We're going to try to work on how we can capture more business," Ferrer added.
A significant area of interest for PCCI is establishing BPO operations in Paraguay. Ferrer emphasized that this move aims to attract additional business without displacing existing jobs in the Philippines. For more details on this initiative, see our article on the {"t":"PCCI Seeks Agriculture and BPO Investments Through Paraguay Partnership","h":"/business/pcci-seeks-agriculture-and-bpo-investments-through-paraguay-partnership"}.
During his visit, Peña indicated that foreign investors could employ up to 60% foreign workers. This flexibility is expected to attract more Philippine companies to consider Paraguay for their operations.
The electronics manufacturing sector is also under review, especially regarding Paraguay's tariff structure and its potential to facilitate exports to the Americas.
Agriculture remains a focal point, with Philippine firms exploring access to Paraguay's soy and corn supplies, which are vital for animal feeds. These discussions coincide with several agreements signed during Peña’s visit, including a memorandum of understanding aimed at strengthening commercial ties.
Additionally, a visa waiver agreement for ordinary passport holders was established between the two nations, alongside a pact for diplomatic training cooperation.
This visit marks the first time a Paraguayan president has traveled to the Philippines since the establishment of diplomatic relations in 1962.