THE Philippine Economic Zone Authority (PEZA) said it signed a registration agreement with Promet (Asia), Inc., its first such deal with a company from Bahrain, which plans to start a P1.5-billion facility in a Pampanga economic zone (ecozone).
In a statement on Tuesday, PEZA said Promet’s operation will be built in TECO Industrial Park in Mabalacat, Pampanga. It will employ more than 150 in the manufacture of safes and steel furnishings.
Citing Promet President Eugeniusz Pietrow, PEZA said the company studied other sites in ASEAN and India before selecting the Philippines.
PEZA Director General Tereso O. Panga said the investment is “a testament to our world-class brand of service and the ecozones’ (ability to provide) the best business ecosystem.”
According to PEZA, Promet hopes to complete its facility by the third quarter of 2025 and start operations by early 2026.
PEZA has approved P123.72 billion worth of investment pledges as of October, equivalent to nearly 62% of the agency’s target of P200 billion.
These comprise 198 projects expected to generate $3.07 billion in export revenue while creating 40,733 jobs. — Justine Irish D. Tabile