Philippine Economic Zone Authority
The Philippine Economic Zone Authority (Peza) has tallied P57.048 billion in investments as of November, leaving the investment promotion agency with one last month to meet its target to top last year’s total of P69.301 billion by 6-7 percent.
Peza data show that these investments involve 181 projects across the country, which as of last October created 1.8 million direct jobs with an export output worth $54.23 billion.
“With two more board meetings scheduled this December, we are confident that we can achieve our target of 6 percent to 7 percent increase in 2022 approved investments,” Tereso Panga, officer in charge and director general of Peza, said in a statement.
The odds of doing so are great, however, as the November figure is lower by 11.5 percent compared to the P64.463 billion recorded during the same 11-month period in 2021.
Prospects
Still, Peza is banking in part on investments prospects from Japan to meet the target.
Last week, Peza had a five-day investment mission in Japan to entice more firms from the East Asian country to set up business operations or expand their operations in the Philippines.
Among these firms are Japanese miso soup paste producer Marukame Trading Co., Ltd. and software service company Valtes Co., Ltd., both of which are looking to employ 100 additional manpower for its operations in the Mactan Economic Zone and the Trafalgar Plaza Building in Makati City.
Nakashima Propeller Co., Ltd.—a manufacturer of marine propulsion equipment— is also eyeing to bring in new technology in its facility at the Cavite Economic Zone.
Inabata Philippines Inc., which is an ecozone logistics provider, is also looking to expand its warehouse footprint in the next two years to cater to its clients in several economic zones across the country.
Showa Spring Co. Ltd., which manufactures a number of galvanized steel products, is also keen on setting up a factory in the Calabarzon (Cavite, Batangas, Laguna, Rizal, Quezon) area to cater to its clients in Luzon.
Panga, as well as other officials, had an engagement with about 30,000 Japanese small and medium enterprises (SMEs) in Osaka and Okayama during the investment mission.
Panga and other Peza officials are targeting SMEs in an effort to enhance the Philippines’ manufacturing supply chain and industrial ecosystem
“With Japan’s SMEs as the lifeblood of this country’s massive economy, comprising 99.7 percent of all businesses, we can take advantage of these SMEs by putting up operations in the Philippines, help complete the supply chain, empower our own SMEs, and boost the country’s industrial ecosystem,” Panga said in a statement.
As of September, Peza has a total of 898 Japanese enterprises located in various economic zones with cumulative investments worth P739.599 billion.
From January to September of this year alone, Japanese firms had an investment totaling P11.62 billion, creating 351,335 direct jobs and generating exports worth S13.25 billion.