MANILA, Philippines — Between January and March of this year, the Philippine Economic Zone Authority…
At the end of November 22, PEZA approves P57-B pledges.
According to the Philippine Economic Zone Authority (PEZA), from January to November of this year, investment promises totaling PHP57.05 billion were authorized.
Aleem Siddiqui Guiapal, deputy director general for administration and finance at PEZA, reported that these commitments originated from 181 projects that had been registered with the investment promotion agency (IPA) during the course of the previous 11 months.
The number of projects and investment approvals both fell from the same period in 2021.
Between January and November 2021, PEZA approved investments of PHP64.5 billion, and 229 projects were registered.
Employment in PEZA economic zones reached 1,850,842 from January to October of this year, while export income in ecozones was USD54.24 billion.
In a news conference on Monday night, Guiapal declared, “We’re going to approve additional projects.”
He stated that the executive committee meeting of PEZA on December 15 is scheduled to approve these projects that submitted applications for government incentives.
more Japanese investments
Guiapal continued by saying that more Japanese businesses, particularly through PEZA, are anticipated to invest in the Philippines.
With regard to the Philippines’ trade preference benefits from the European Union’s GSP+ and the United States Generalized System of Preferences, he remarked, “The first country they choose is the Philippines because of the GSP (Generalized Scheme of Preferences).
According to the PEZA official, this is also anticipated to benefit from President Ferdinand R. Marcos Jr.’s anticipated trip to Japan early in the following year.
The biotechnology company Junca Holdings, the car seat producer Shibutani Shoten Corp., the clothing manufacturer Marukame Trading Co. Ltd., the information technology company Valtes Co., Ltd., the marine equipment manufacturer Nakashima Propeller Co., Ltd., the ecozone logistics provider Inabata Philippines, Inc., and the export manufacturing company Showa Spring Co. Ltd. are among the Japanese companies that PEZA has identified as investment leads.
According to Vivian Santos, deputy director general for operations at PEZA OIC, a corporate delegation from Okayama would come to the nation in February 2023 to look into investment potential.
PEZA organized an investment trip in Osaka and Okayama from December 7 to 9 in order to entice small and medium-sized organizations (SMEs) from these regions to establish operations in the Philippines.
Santos claimed that while manufacturing is still a top focus for Japanese companies, they are also expanding into different fields, such as developing waste-to-energy facilities and tourism ecozones.
According to Tereso Panga, director general of PEZA OIC, “Japan’s SMEs are the lifeblood of this country’s massive economy, constituting 99.7% of all businesses. We can take advantage of these SMEs by setting up operations in the Philippines, helping to complete the supply chain, empowering our own SMEs, and strengthening the country’s industrial ecosystem.”
With investments totaling PHP746 billion and representing 27% of all permitted projects between 1995 and 2022, Japan continues to be the largest foreign investor in PEZA zones.
Cebuano English Filipino
We appreciate your reading. You may also consider sharing it with others.
Please comment below if you found this post interesting.
Be one of our DONOR / SPONSOR to support NextGenDay news website.