The Philippine Economic Zone Authority (PEZA) continues to witness a surge in interest from Japanese investors, as they seek opportunities to invest in the country’s ecozones.
According to PEZA director-general Tereso Panga, the agency has received keen interest from both major Japanese investors and small and micro enterprises (SMEs).
Of particular significance is the commitment made by Ichijo Corporation, which expressed interest to finalize expansion plans in 2024. Additionally, companies like ShinEtsu Corporation, OB Kogyo, Ltd., and NEC Networks & System Integration Corporation are considering potential expansion initiatives.
To foster these investments and explore further opportunities, PEZA recently conducted a strategic outbound mission to Japan from July 16 to 22. The mission was jointly organized with Aboitiz InfraCapital (AIC) Economic Estates and the Philippine Trade & Investment Centers in Osaka and Tokyo.
One of the major highlights is Ichijo Corporation’s intention to scale up its annual housing delivery capacity from 15,000 units to 20,000 units by 2024.
This expansion is expected to bring about a substantial increase in local employment, generating an estimated 3,000 to 4,000 new jobs and providing fresh opportunities for skilled workers.
OB Kogyo, Ltd., a renowned die and mold company, expressed its interest in reinvesting $3 million in its Philippine plant over the next three years. This reinvestment aims to bolster the country’s manufacturing capabilities.
Additionally, ShinEtsu Corporation, an industry leader in high-performance rare earth magnets on a global scale, disclosed plans for potential expansion, contingent on the growth of the global electric vehicle (EV) sector.
In addition to the recent interest from investors during the outbound mission, PEZA also granted approval to three significant Japanese investments earlier this year, further showcasing the growing appeal of the Philippine market. Green Energy with Torrefaction Technology, Inc., Asian Transmission Corporation, and Pricon Microelectronics, Inc. together represent a total investment of P20.591 billion, with an anticipated creation of 1,973 direct jobs.