The Philippine Economic Zone Authority said Tuesday more Japanese firms expressed interest to invest in the country’s manufacturing and renewable energy sectors.
PEZA concluded an outbound investment mission in Japan on Nov. 18 to position the Philippines as the best investment destination in Southeast Asia.
PEZA officer-in-charge director-general Tereso Panga cited investment opportunities for Japanese stakeholders and locators in the Philippines.
“Although they [Japanese] are already the number one ranking investor in economic zones under PEZA, we are still encouraging them to invest more in the Philippines,” Panga said.
He said PEZA draws guidance from the priority strategy of President Ferdinand Marcos Jr., specifically on agriculture and renewable energy.
“We are also guided by DTI’s science technology innovation-driven industrialization strategy,” Panga said.
PEZA pitched the Philippines for investments, especially for export production in ecozones.
The Department of Trade and Industry, Board of Investments, Department of Foreign Affairs, Department of Energy and Philippine Trade and Investment Center-Tokyo also joined the investment mission.
“As of September, PEZA has a total of 898 Japanese enterprises located in our economic zones with cumulative investments of P739.599 billion,” Panga said.
“Meanwhile, from January to September 2022, P11.262 billion of investments were made from Japanese investors, with $13.258 billion of export income generated and 351,335 direct jobs created,” Panga said.
Board of Investments managing head Ceferino Rodolfo said the Japanese investors are pioneers and leaders in key areas in renewable energy and digitalization.
PEZA signed two strategic partnerships recently. It signed a memorandum of understanding with Junca Global Partner Inc. and a registration agreement with Kurabe Industrial Philippines Inc.
PEZA and Junca agreed to aggressively promote the Philippines as an investment destination not only for manufacturing companies in Japan but also for startups that wanted to collaborate with local startups.
Junca Global is engaged in stem cells biotech, fintech and blockchain technology.
“With the signed MOU, PEZA and Junca will collaborate in bringing renewable energy technologies to ecozones and thereby enable locator companies to remain globally competitive while at the same time contributing to mitigating the effects of climate change pursuant to the Kyoto Protocol and the Paris Agreement,” Panga said.
Meanwhile, Kurabe, an electronics company, will operate in a five-hectare lot in Lima Technology Center-Special Economic Zone in Lipa City, Batangas.
Kurabe will engage in the manufacturing and assembly of car seat heaters, steering wheel heaters and heating wires.
Panga said business meetings with potential investors were “serious and have heightened interest to invest in areas under the renewable energy, electronic vehicle and agro-industrial sector.” Alena Mae S. Flores