PEZA ready to approve four projects in Japan

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The Philippine Economic Zone Authority announced on Tuesday that it is preparing to approve four major investment projects by Japanese industrial companies that produce multilayer ceramic capacitors, brushless DC motors and biomass carbonization. .

“[We] obtained this assurance on the continued robustness of Japanese FDI inflows to the Philippines during my recent meetings with senior officials from the Japanese Embassy in the Philippines, the Japan External Trade Organization, the Chamber of Commerce and Japanese Philippines Industry Inc., the Japan International Cooperation Agency and the Cavite Economic Zone Investors Association,” said Tereso Panga, Head of PEZA.

Panga did not identify the four Japanese investors.

He said PEZA was pushing for a presidential proclamation on new ecozone developments with Japanese actions in the Philippines’ first industrial park, Lima Industrial Park, West Cebu Industrial Park and Yazaki-Torres Manufacturing Corp.

Panga said Japanese locators continue to expand their projects inside economic zones, especially in electronics sectors; chemicals such as oleo and activated carbon; automobiles and automobile parts; computer and optical products; and transportation and logistics.

He said that with the Japanese government’s stimulus program for manufacturing companies to shift production from China to ASEAN, PEZA hoped more Japanese companies would relocate to the Philippines.

PEZA has registered 903 localization companies with Japanese equity, generating total investments of 735.9 billion pesos and providing employment for 350,486 Filipinos.

“Given Japan’s current share of 27.2% in the ecozone’s total FDI and the increasing/constant share of Japanese investment in the ecozone, even in the midst of a pandemic and d ‘a threat of a global recession, we remain optimistic that the Japanese will continue to be our number one investor in PEZA not just this year, but for many years to come,’ Panga said.

Japanese investments amounted to 8 billion pesos, or 26% of FDI approved by PEZA from January to August.

“We thank the Japanese government for being one of the country’s main strategic development partners. By far, Japan has been and continues to be the largest donor to the Philippines. Through JICA, it has done much to improve the competitiveness of entrepreneurs and enterprises, develop industrial and investment policies and a business environment, and increase national incomes to enable the country to achieve sustainable economic growth and high quality,” Panga said.

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