PEZA secures P10.8B investment pledges from Japanese firms

The Philippine Economic Zone Authority (PEZA) has secured over P10 billion worth of investment commitments from Japanese companies during a recent five-day investment mission to Tokyo, Japan.

In a statement, PEZA said the outbound mission held from August 28 to September 2 resulted in P10.8 billion in investment expansion commitments from PEZA-registered Japanese enterprises.

The investment promotion agency, in particular, secured P1 billion in investment commitment from Terumo Corporation, another P1.6 billion from Taiyo Yuden, P7.2 billion from TDK Corporation, and P1 billion from TDK Corporation.

PEZA Director General Tereso Panga said, “Taiyo Yuden Co. Ltd. has an investment plan to operate their business in Taiyo Yuden (Philippines), Inc. We are proud to have locators such as Taiyo Yuden grow inside PEZA’s ecosystem since 1989.”

“The ongoing investment plan covers the calendar year 2023-2024, with the total investment amounting to P1.6 billion. This signifies a continued era of trust and confidence in the country’s investment facilitation climate,” said Panga.

The PEZA chief added TDK Corporation, an electronics manufacturing company that uses leading magnetic technology, will have its first expansion from 2023 to 2026 while its second expansion will begin in 2024.

TDK’s new product is a bio-magnetic sensor for monitoring heartbeats, according to the investment promotion agency.

“Our top country investor, Japan, has a total of P766.550 billion investments from 1995 to June 2023 making up for the 27.37% of PEZA’s overall investments by country,” said Panga.

“This investment comes from 877 Japanese locators with 339,751 direct employments as of May 2023 and exports of $6.370 billion from January to May this year,” added the PEZA chief.—AOL, GMA Integrated News