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.

In an interview on Bagong Pilipinas Ngayon on Tuesday, APECO President and Chief Executive Officer Gil Taway said 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 that plans to develop about 25 megawatts of solar power capacity. A US-based defense logistics company is also expected to establish operations involving drone and anti-drone production, with plans to eventually manufacture ammunition.

Other prospective locators include firms engaged in cold storage operations, healthcare facility management, skills training, and Internet service provision.

Taway said APECO’s strategic location along the country’s eastern seaboard gives it a competitive advantage as a gateway to Pacific economies, Northeast Asia, and countries within the second island chain.

He added 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.

“APECO is an unobstructed gateway,” he said.

Taway also underscored the significance of the planned solar power project, saying a reliable energy supply is a key factor in attracting additional investments.

He added that companies involved in hydrogen power generation and waste-to-energy projects have likewise 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. (PNA)