The Philippine Economic Zone Authority (PEZA) has firmed up investments from Japan at the ongoing mission arranged by the Department of Trade and Industry.
But aside from Japan, the country’s top investment source, PEZA said the agency is looking at non-traditional markets like Australia, New Zealand and Middle East as source of foreign direct investments, according to Tereso Panga, officer-in-charge of the agency.
Panga said Kurabe Industrial Philippines has signed a registration agreement to invest in manufacturing at a five-hectare area at the Lima Technology Center – Special Economic Zone in Lipa City, Batangas.
Kurabe will engage in the manufacture and assembly of car seat heaters (CSH), steering wheel heaters (STH), and CSH and STH heating wires.
Panga said PEZA also signed a memorandum of understanding with Junca to promote the Philippines as an investment destination not only for the established manufacturing companies in Japan, but as well as startups that want to collaborate with local startups or micro, small and medium enterprises that are engaged in activities under the Fourth Industrial Revolution (FIRe). Junca is into stem cells biotech, fintech and blockchain technology.
“These are high-tech industries which will diversity the country’s investment profile. Biotech industry will support our bid to attract (investments in) R&D and pave way for their commercialization and level up the value chain so we can compete with big countries on high tech industries,” Panga said at the Laging Handa public briefing.
Panga said the company has set up an office in Makati City.
Panga said at the Philippine Business Forum attended by 300 delegates and the business-to-business meetings, Japanese investors indicated interest in renewable energy, electronic vehicle industries (including developers and supply chain) as well as agro industrial.
Japan is currently the top source of investments in ecozones with 898 companies, cumulative investments of P740 billion and 352,000 direct employees.
Panga said PEZA is looking forward to the Philippines’ joining the Regional Comprehensive Economic Partnership to tap other markets as source of foreign direct investments.
He added PEZA is also targeting the European Union to make the Philippines an entry point for manufacturing in East Asia and Southeast Asia.
