Philippine Economic Zone Authority (PEZA) Director General Tereso Panga said that the country's slide to 12th place from 9th in the 2023 Global Services Location Index (GSLI) is a temporary setback. Panga credits the decline to the ascent of Latin American countries like Mexico and Columbia in the US Spanish-speaking market. To counter this, PEZA is focusing on 'friendshoring' or ‘allyshoring’ as a strategy to support the local information technology and business process outsourcing (ITBPO) sector, targeting English-speaking countries like Australia and New Zealand. Panga remains optimistic due to the strengthening ties with the US and believes the improved perception of the Philippines as an investment destination will attract more companies. PEZA-registered IT parks currently employ approximately one million Filipinos in the IT-BPO sector.