Cathay United Bank and Rizal Commercial Banking Corporation Partner with PEZA for Tripartite Memorandum of Understanding

Cathay United Bank has signed a tripartite Memorandum of Understanding with the Philippine Economic Zone Authority and Rizal Commercial Banking Corporation to promote Taiwanese investment in the Philippines. The partnership aims to facilitate business forums, seminars, and site selection to help overseas enterprises invest in the country. Cathay United Bank has been expanding its presence in Asia and has been rooted in Taiwan for over 60 years. The bank's Manila branch has relocated to the Zuellig Building in Makati, enhancing its infrastructure and capacity for superior banking services.

AstraZeneca Philippines is set to invest over P7 billion in the country's first pharma innovation hub, as part of a memorandum of understanding (MOU) signed with the Philippine Economic Zone Authority (PEZA) and the Department of Trade and Industry (DTI). The initiative aims to make affordable medicines more accessible to Filipinos and position the Philippines as a regional hub for digital health technology and research and development (R&D) collaboration.

The MOU, signed by AstraZeneca Philippines country president Lotis Ramin and PEZA director general Tereso Panga, outlines plans to establish an Oncology Innovation Center patterned after AstraZeneca's UK hub. This center will utilize artificial intelligence for early cancer detection, expand patient support systems, build healthcare workforce capacity, and promote policy development. Additionally, AstraZeneca will support the Philippines' investment promotion efforts through business forums, investment briefings, and international delegations.

The project aligns with the DTI's commitment to connect trade, industry, and healthcare to provide direct benefits to Filipinos. Trade Secretary Cristina Roque, who also serves as PEZA Board chair, highlighted the significance of the partnership, stating, "This project shows what we can achieve when global expertise meets local commitment. It is a step towards President Marcos' goal of making medicines more affordable and accessible while also laying the foundation for the Philippines to become a hub for research, digital health, and new medical investments."

PEZA's director general Panga emphasized the project's support for the agency's aim to establish more pharma zones in the country, stating, "We want to attract more companies into development, manufacturing, and research in the medical field to create a value chain that will lead to the lowering of the cost of medicines for Filipinos."

The Philippine pharmaceutical sector is one of the fastest-growing industries in the country, with over 50 manufacturers and medical device firms operating in PEZA zones nationwide [1].

References:
[1] https://www.philstar.com/business/2025/08/27/2468253/astrazeneca-build-pharma-innovation-hub-philippines