Aurora: The Aurora Pacific Economic Zone and Freeport Authority (APECO) has secured about PHP18 billion in investment pledges over the past two years, driven by growing investor interest in renewable energy, defense, and food security projects.
According to Philippines News Agency, APECO President and Chief Executive Officer Gil Taway, during an interview on Bagong Pilipinas Ngayon on Tuesday, stated that the amount exceeded the agency's initial target of attracting an estimated PHP1 billion in investment commitments during his second or third year in office. Taway, who was sworn in for a three-year term in October 2023, attributed the influx of investments to the administration's focus on strengthening national security, energy security, and food security, which he said has helped position APECO as an attractive destination for investors.
Among the companies set to locate in the freeport zone is a Singapore-based renewable energy firm planning to develop about 25 megawatts of solar power capacity. Additionally, a US-based defense logistics company is expected to establish operations involving drone and anti-drone production, with future plans to manufacture ammunition. Other prospective locators include firms engaged in cold storage operations, healthcare facility management, skills training, and Internet service provision.
Taway highlighted APECO's strategic location along the country's eastern seaboard, which offers a competitive advantage as a gateway to Pacific economies, Northeast Asia, and countries within the second island chain. He noted that ongoing supply chain diversification efforts by various economies have prompted investors to explore alternative locations to ease port congestion and address market saturation in traditional investment hubs.
Taway emphasized the significance of the planned solar power project, noting that a reliable energy supply is a key factor in attracting additional investments. He also mentioned that companies involved in hydrogen power generation and waste-to-energy projects have expressed interest in establishing operations within the freeport zone. 'Power precedes progress. Any development will not happen if there is no energy security. And that is why the direction of the current national government to focus on energy security is a good move, and we support it,' he said in Filipino.
