PEZA sees big-ticket project applications in 2023

By Bernie Cahiles-Magkilat | BusinessWorld
January 24, 2023


The Philippine Economic Zone Authority (PEZA) is confident that big-ticket projects will file their applications this year, including two Chinese steel projects, 13 US firms, electric vehicle manufacturers, and power generation firms, to support its 10 percent investment growth target for 2023.

PEZA OIC Deputy Director General Tereso O. Panga in a presentation on “Investment Opportunities in the Ecozones” at the Anvil Exchange Forum: Thriving in the New Reality, he identified the potential applicants for expansion and new projects this year to include Continental Temic, Analog Devices, Amkor, Murata, Cebu Mitsumi, Panhua, 2 Chinese steel manufacturers, relocation of 13 US technology giants from China, EV manufacturers, AICE, Furukawa, and power generation companies into LNG and hydrogen.

Panga also mentioned other investment prospects from CHIMEA, Solar Energy Development in Hermosa and Subic; YFC-BonEagle International Inc.; AcBel, and Yeng Hsing.

Meanwhile, he said, Neotek and Accton Technology Corp. are also exploring opportunities in the country through PEZA.

During the recent investment mission to Switzerland, Panga reported that PEZA assisted Swiss companies with their specific operational concerns and investment entry/expansion requirements. These firms include Glencore, Sateco, OVD Kinegram, NaturLoop, and Impact Acoustic.

Investment leads from the USA include Silver State Health Org., Nevada Prime Care LLC., and LCE Newport Beach Inc., ADM, Tyson Foods, Cargill, and Leuterio Thomas LLC.

Panga said they are focusing on attracting investments that would improve higher value, more sophisticated, and higher-margin products and services in cooperation with industry associations.

In 2022, PEZA was able to generate a total of P140.7 billion in committed investments from 198 projects, reflecting 103 percent higher than 2021. The agency is projecting 10 percent increase in investments flow.

PEZA-registered enterprises also exported $54.239 billion as of October last year and directly employ 1,850,842 in 4,346 locator enterprises in 420 ecozones nationwide.