PEZA Pledges Hit ₱31 Billion Within Eight Months

The Philippine Economic Zone Authority (PEZA) was able to approve ₱31.1 billion in investment pledges in the first eight months of the year. This was due to the heightened Japanese contribution that made up the largest share at 26%.

Philippine Economic Zone Authority (PEZA) OIC Deputy Director General Tereso O. Panga stated that he feels confident in the continued Japanese projects in the ecozones of PEZA.

During a meeting with the top officials of the Japanese Embassy in Manila, Cavite Economic Zone Investors Association (CEZIA), Japan International Cooperation Agency (JICA), Japanese Chamber of Commerce and Industry of the Philippines, Inc. (JCCPI), and the Japan External Trade Organization (JETRO) he was able to gather assurances of sustained Japanese investments.

Japanese investments currently stand for 27.2% of the total investments in ecozones and this figure has been constantly growing.

“Even amid pandemic and threat of global recession, we remain bullish that the Japanese will continue to be our number 1 investor in PEZA not only this year but for the many years to come,” said Panga

“Japan has always been ichi-ban. Overall, Japan is among the country’s top trading partners, and traditionally, it has been the Philippines’ largest foreign investor next to the United States,” he also says.

As of late, PEZA has recorded 903 locator companies with Japanese equity which generates an estimated ₱735.9 billion and would mean jobs for 350,486 Filipinos.

PEZA is set to register four major projects of Japanese industrial giants. The Japanese government had extended stimulus to entice Japanese manufacturing companies to transfer their production to ASEAN from China.

Source: Manila Bulletin