Japanese firms keen to invest in PH – PEZA

JAPANESE companies have committed to invest in the Philippines, the Philippine Economic Zone Authority (PEZA) claimed on Tuesday following a November 14 to 18 investment mission that sought present the Philippines as the best investment destination in Southeast Asia.

Business meetings with potential Japanese investors were “serious” and resulted in “heightened interest to invest,” acting PEZA chief Tereso Panga said in a statement.

Specifically, a memorandum of understanding (MoU) to promote the Philippine was signed with Japan’s Junca Global

Partner Inc., while a registration agreement was inked electronics company Kurabe Industrial Philippines Inc. for the manufacture of car heating parts in Lipa, Batangas.

Under the deal, PEZA and Junca will push the Philippines as an investment destination for established manufacturing companies and start-ups that want to collaborate with local start-ups.

“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.

Hisayuki Nagatome, Junca chairman and chief executive officer, said the firm would “invest and bring in the latest technology in the Philippines through PEZA, especially in the field of artificial intelligence, blockchain system, biotech and stem cell, and wellness products.”

Kurabe, meanwhile, will engage in the manufacturing and assembly of car seat heaters, steering wheel heaters and heating wires on a 5-hectare lot in the Lima Technology Center-Special

Economic Zone in Lipa City, Batangas.

Panga said that as of September, PEZA had a total of 898 Japanese enterprises operating in Philippine economic zones with cumulative investments of P739.599 billion. A total of P11.262 billion in investments were made in the first nine months of 2022, he added, creating 351,335 direct jobs and $13.258 billion in export income.

In a related development, acting PEZA deputy chief Aleem Siddiqui Guiapal said on Tuesday that 13 pending economic zone projects, amounting to about P18 billion, would be set up in areas outside Metro Manila, particularly in the provinces of Batangas, Bataan, Davao, Sarangani and Cavite.

Of the 13, Siddiqui said seven will be for manufacturing, four for IT (information technology) parks, one a knowledge, innovation, science and technology park, and one an agroindustrial ecozone.

There are about 420 economic zones across the Philippines, 40 of which are located in Mindanao.

Siddiqui also said that the PEZA would recognize investors who contributed to the growth and development of various industries in the country this Friday.