APECO bags P18-B in investment pledges

MANILA, Philippines – The Aurora Pacific Economic Zone and Freeport Authority (APECO) has secured P18 billion in investment pledges over the past three years, highlighting growing investor interest in the economic zone.

APECO said it had secured pledges in renewable energy, defense, tourism, agri-processing, cold storage and skills training, with defense accounting for the largest share.

READ: Aurora economic zone pitched as data center hub

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During the Bagong Pilipinas public briefing on Tuesday, APECO president and CEO Gil Taway IV said the committed investments surpasses its P1 billion initial investment pledge target.

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Taway said Apeco will soon sign a lease agreement with Singapore-based firm Pacific Impact Development Pte. Ltd. for the latter’s 25-megawatt solar facility within the economic zone.

“As we know, we need energy for investors to come in and sustain the (electricity demand) that we’re talking about,” Taway said.

“For APECO, this is providential because when I came in, our problem was a chicken-and-egg problem. There is no demand because there was no electricity, and no electricity was coming in because, they said, there was no demand,” he added.

Apeco is in discussions with an American logistics company to establish drone testing, maintenance, repair and overhaul operations within the first two years, followed by an ammunition production in the third year.

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Likewise, Taway said APECO has signed five agreement with various companies planning to build cold storage, fish processing and super health facilities in the area.

Taway said a quality workforce is key to attracting and supporting investments in the economic zone. adding, “APECO, the community, the entire province of Aurora must be prepared to welcome investors.”

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APECO and TESDA-accredited AuHarvest Training and Assessment Center signed a lease agreement in November to help strengthen the local workforce.

APECO positions itself as a strategic hub in the Luzon Economic Corridor, supporting investments in logistics, manufacturing and other industries.

“Our view is that we are complementary, we are a counterpart to the eastern Pacific seaboard,” Taway said.

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“There is no competition. We believe that we will provide resilience and what is called redundancy because what we offer is our highly strategic location, which is not on the other side, on the western seaboard,” he added. /pai