PEZA to focus investment pitches on Japan in 2024

PEZA to focus investment pitches on Japan in 2024

THE Philippine Economic Zone Authority (PEZA) said that it will be more aggressive in pursuing investments from Japan this year to continue the momentum built up in 2023.

In a Viber message, PEZA Director General Tereso O. Panga told BusinessWorld that approved investments from Japan grew 194% to P52.2 billion last year.

“In terms of its share of PEZA investment approvals, the Japanese accounted for a 13% share in 2022 versus 30% in 2023 … Overall, they continue to be our biggest investors in the PEZA zones,” Mr. Panga said.

Targeting 20% growth in investment approvals this year, he said that PEZA will be embarking on more investment promotions in Japan.

“We are set to undertake increased investment promotions in Japan to target specifically their small and medium enterprises,” he said. 

“For instance, we are collaborating with large and regional banks in Japan to help us with our target investment acquisitions and for networking with their valued clients,” he added.

In late January, PEZA is set to sign a memorandum of understanding along with Sumitomo Mitsui Banking Corp. and Rizal Commercial Banking Corp. to help the agency bring in more investments from Japan.

“We are also working closely with economic zone developers who are partners with Japanese corporations to tap into their network for new foreign direct investment leads,” Mr. Panga said. — Justine Irish D. Tabile