MANILA, Philippines - Investments registered with the Philippine Economic Zone Authority (PEZA) rose by 32 percent to P80.619 billion in the first nine months of the year from P61.050 billion a year ago.
In a report to Trade Secretary Gregory L. Domingo, PEZA director general Lillia B. de Lima said that the PEZA board approved 364 projects during the first nine months of the year worth P80.619 billion.
Annual export sales from the 2010 approved investments are expected to hit $5.642 billion, while employment generation is expected to reach 63,519, 12.48 percent higher than the projected employment of 56,469 for projects approved in the same period of 2009.
Meanwhile, PEZA reported that Green Future Innovation Inc ., a newly formed venture among Japan’s Itochu Corp. and JGC Corp., the Philippine Bioethanol and Energy Investments Corp., and Taiwanese holding company GCO, has invested $120 million for a renewable energy project in Isabela.
The investment will produce ethanol from an 11,000-hectare sugarcane plantation in and around San Mariano’s 30-kilometer radius. It will also convert bagasse or sugarcane residual to electricity in its 19-megawatt power plant, projecting a 13-MW contribution to the Luzon grid in the future.
Itochu Corp. and JGC Corp. are looking into large-scale bioethanol and power supply businesses across Asia, but are particularly drawn to the Philippines because of its Biofuels Law and the Renewable Energy Law.
According to local investor and chief administrative officer Alexander Uy, Green Future harps on the main objectives of the law, among which is energy self-sufficiency in the country.
“There’s great value for a country to be self-sufficient in fuel, even if it’s just five percent to begin with. Right now we import 100 percent of our fuel needs, and foreign exchange goes to the rich Middle Eastern nations. Through partnerships like this, we procure ethanol domestically and provide added value for the low-income Filipino farmer,” Uy said.
With a 54-million liter plant capacity, Green Future will be the largest domestic producer, followed by current leaders San Carlos Bioenergy Inc. (SCBI) with 37 million liters and Roxol Bioenergy Inc. with 30 million liters.