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The Philippine Economic Zone Authority enticed more Japanese investors to invest in its ecozones at the recently concluded Economic Seminar hosted by the Sumitomo Mitsui Banking Corporation in Tokyo
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The activity was an offshoot of an MOU signed by PEZA, SMBC, and the Rizal Commercial Banking Corp. earlier this year aimed at pushing for Japanese investments
The Philippine Economic Zone Authority (PEZA) enticed more Japanese investors to invest in its ecozones at the recently concluded Economic Seminar hosted by the Sumitomo Mitsui Banking Corporation (SMBC) in Tokyo.
The seminar is focused on briefing SMBC Japanese corporate clients of investment opportunities in the Philippines, particularly in the economic zones under PEZA. PEZA director general Tereso Panga keynoted the seminar.
The activity was an offshoot of a memorandum of understanding signed by PEZA, SMBC, and the Rizal Commercial Banking Corp. (RCBC) earlier this year aimed at pushing for Japanese investments.
Speaking before the 140 participants were Philippine ambassador to Japan Mylene De Joya Garcia-Albano, former Trade and Industry and also Finance Secretary Cesar Purisima who now serves as SMBC global advisor, and RCBC chief economist Michael Montero.
Panga gave an overview of PEZA, with emphasis on its one-stop shop function and the attractiveness of the Philippines as a manufacturing hub for Japanese companies.
Japanese clients contribute 28% of total PEZA investments, generating P798 billion, $16.3 billion in exports, and creating 342,845 direct jobs across 877 PEZA-registered business enterprises.
Previously, Panga had participated in several business-to-business meetings in Tokyo and Shizuoka where such major industry players as Tsuneishi, FCC, SIIX Corp, and IMES as well as Japanese MSME TOM’s Manufacturing.
Long-time PEZA investor Tsuneishi said it is ready for its fifth phase of expansion in the Philippines, after having been around since 1994. The next phase will cover several large projects, such as its new wood pelletizing business and manufacture of the world’s first methanol-fueled TEU container carriers.
The company began with a ship-building facility in Cebu, growing from a 25-hectare facility to now having a 170-hectare area. From an initial 300 workers, the company now has 10,000 direct and sub-contracted workers.
SIIX Co. Ltd president Koji Yanase said he sees his company’s Philippine operations as playing a crucial role in their expansion plans. SIIX, an electronics manufacturing services provider, is ranked #17 in the world in it industry. Ink production is its main business in the Philippines.
FCC Co. Ltd. President Yoshitaka Saito said he expects his company’s Philippine operations to continue growing in the next few years, involving such products as automotive clutches, paper ceramics, and new advanced technology businesses involving assembly line for scooters, among others.
FCC is also studying the possibility of incorporating new businesses such as the promotion of a circular economy via the use of solid oxide fuel cells for water filtration and production of solid biomass fuel.
