In the Philippines’ journey toward industrialization, tales are told not just in policy papers but etched in the lives of Upsilonians – men of differing character yet unified in excellence and vision. The story of the Philippine Economic Zone Authority (PEZA) is one such tale, spanning the lives of two Upsilonians who served as the agency’s head —Teodoro Quevedo Peña ’50 and Tereso Ordas Panga ’86. It is a narrative shaped by resilience and foresight, from the shores of Palawan and the crystal springs of Iriga, all the way to the boardrooms of modern industry, chronicling a nation’s pursuit of economic growth and prosperity, all intertwined by fate.

EPZA: The Birth of a Vision

Fifty-five years ago, a bold experiment in economic reform began with the creation of the Export Processing Zone Authority (EPZA). It was a gamble—one that would shape the future of Philippine industry. Establishing the Bataan Export Processing Zone (BEPZ) was the first step, representing a vision to attract foreign investment and create jobs by establishing export-oriented manufacturing hubs, similar to the model first implemented by Taiwan. The landscape of BEPZ was rugged, and the infrastructure was limited, yet within this challenging environment, there was the spark of a grand idea—an experiment to turn underutilized land into thriving centers of commerce and industry.

Enter Teodoro Q. Peña: The Spark

Teodoro “Teddy” Q. Peña ’50 was the first man tasked with executing the vision. Born in 1932 in Aborlan, Palawan, Teddy’s upbringing was rooted in the simplicity of provincial life, yet his ambitions carried him far. He attended the University of the Philippines, where he studied law. In 1950, he joined the Upsilon Sigma Phi fraternity alongside his renowned batchmates Ninoy Aquino ’50, Roquito Ablan ’50, Mel Mathay ’50, Serafin Quiason Jr ’50, Dr. Primo Gonzales ’50, and other fellows from that sunny age[1].

After graduating from UP, Peña pursued further studies at Yale University, where he earned a master's degree in law and met his future wife, Edda Ferry. Together, they raised a family of eight children, each carrying forward their parents’ legacy of public service.

Peña’s appointment as the first Administrator of EPZA under President Ferdinand Marcos Sr. ’37 and Trade Minister Troadio T. Quiazon, Jr. ’40, marked the beginning of his significant contributions to the country’s economic landscape. His approach was hands-on; he understood that to make EPZA a success, he would need to build not just infrastructure but a culture of excellence and perseverance. His leadership saw the development of essential facilities and policies that made the zones attractive to investors, allowing the EPZA to transform from an idea into a cornerstone of the national economy. He later brought the same expertise to the Ministry of Natural Resources where he was eventually appointed as Minister.

EPZA’s Transformation to PEZA

By 1995, EPZA had evolved to meet new economic realities, leading to its reorganization as the Philippine Economic Zone Authority (PEZA) through Republic Act No. 7916. This change extended the scope of economic zones to include information technology, tourism, agro-industrial, and other sectors beyond manufacturing. It was a step toward greater economic diversification, positioning the Philippines as a competitive player in a globalized world. The agency was guided for two decades by the steady hands of Ramon Magsaysay awardee, Atty. Lilia De Lima.

Unbeknownst to many, behind her many accomplishments and recognitions is an Upsilonian, one whose brilliance could not be kept a secret.

Tereso O. Panga: The Keeper of the Flame

In the modern era, Tereso O. Panga, fondly known to his contemporaries – and later on, in industry circles – as ‘Theo’, serves as PEZA’s Director General, upholding and expanding the vision set forth by the pioneer in Teddy Peña.

Born into a distinguished family in Iriga, Theo is the son of Judge Benjamin Panga, a revered educator who inspired generations of aspiring lawyers. His lineage is deeply rooted in the Upsilon Sigma Phi fraternity, a tradition upheld by numerous family members across two generations. These include his brothers Gerry ’86, Eric ’86, and Benson ‘88, his nephew Gerry Sirios ’89, his grand-nephew Gerard 2011 (son of Gerry), his own twin sons Ben 2016 and Andy 2016, and his nephew Caloy 2016 (son of Eric).

Theo’s leadership reflects a forward-looking vision, emphasizing sustainable development and the modernization of the country's economic zones. He has embraced new challenges, including digital transformation and the integration of green technologies, all while performing PEZA’s key mandate of bringing in investments and employment to Filipinos. By focusing on sustainability and tapping into the nation's demographic dividend, he consistently attracts high-value industries and creates opportunities for a new generation of Filipinos. His initiatives also include streamlining investment processes and expanding PEZA’s scope to align with the demands of a changing global market, building on PEZA’s already renowned one-stop shop function.

At an international forum in China attended by heads of state, Theo recognized a critical gap: the absence of large-scale economic zones in the Philippines, unlike its ASEAN counterparts. This realization inspired him to explore opportunities for the country’s first mega-economic zone in collaboration with Bureau of Corrections Director General Gregorio Catapang Jr ‘84. Their vision includes transforming underutilized government lands into productive hubs, and creating jobs while supporting marginalized communities, particularly persons deprived of liberty.

What sets Theo apart is his unparalleled ability as the country’s best salesman. His presentations, rich in multidisciplinary expertise—from business and banking to cutting-edge technologies and governance—are captivating and effective. Contemporaries, such as Atty. Caloy Ocampo ‘85, who joined PEZA’s investment mission to Taiwan in 2023, have witnessed his mastery in engaging global investors. Likewise, his efforts have been supported by Upsilonians in the field of law, like Atty. Miko Palarca ’93 and Ronald “Poli” Policarpio ’00 – both instrumental in securing new projects to register in PEZA zones.

As of this writing, Theo has exceeded PEZA’s targets for three consecutive years, bringing in investments worth PhP 140B in 2022, PhP 175B in 2023, and finally breaking through a 7-year high of PhP 200B in 2024 – all of which translate to 145,834 new jobs for Filipinos. PEZA last breached these figures during the entry of BPOs between 2010 and 2015.

From TQP to TOP: A Legacy Etched in Iron and Blood

The transition from TQP to TOP is more than a mere change in leadership; it is the unfolding of a shared journey. What started as a leap of faith in establishing export processing zones has matured into a vital economic strategy, driving the nation's industrial growth and resilience. The shared legacy of these Upsilonian leaders stands not just in the infrastructure built or policies enacted but in the livelihoods they have impacted and the futures they have shaped.

As PEZA moves forward, guided by the hands of those who share a common bond and a commitment to national progress, the legacy of TQP and TOP will continue to evolve. Their story is not one of an end but of an ever-expanding vision for the future, where the lessons of the past illuminate the path ahead. From the first echo of hammers in Bataan to the hum of modern innovations in economic zones across the nation, the pursuit of progress continues. It is a journey where the past’s pioneers and today’s leaders walk side by side, bound by shared ideals and the unyielding drive to elevate the lives of Filipinos.

Anchored on the Upsilon Sigma Phi’s Credo, the legacy of leadership calls to the next generation of Upsilonians — kindred souls destined to carry the torch, weaving their own chapters into the tapestry of a nation's relentless pursuit of progress and hope.

[1] If that sounds familiar, that’s because it is a homage to the video entitled “Them Fellas from That Sunny Age” directed by Mike Sandejas ’91