Apl.de.Ap Foundation to develop electric mobility education center in PH, says PEZA

Filipino-American rapper and singer Apl.de.Ap's non-profit organization is eyeing to develop an electric mobility education center in the Philippines.

According to a news release by the Philippine Economic Zone Authority (PEZA) issued Thursday, the Apl.de.Ap Foundation International is among the US firms that expressed interest to invest in the Philippines following the two-day high-level trade and investment mission led by US Commerce Secretary Gina Raimondo.

PEZA said Apl.de.Ap Foundation International, in partnership with Arizona-based firm Legacy EV, "will develop the country's first electric mobility education and development center."

Sol-Go Philippines Inc., a PEZA-registered solar panel manufacturer that has facilities in Lima Technology Center – Special Economic Zone, expressed similar interest in in the country "with plans to invest $5 million to expand their local operations."

Increased investments in PH

Meanwhile, US private equity firm KKR & Co. will expand its investments in the Philippines by another $400 million or about P22.4 billion, according to the US Department of Commerce.

"The Philippines is not only prepared but eager to continue and expand our business ventures with the United States... We are ready to roll out the red carpet and are fully equipped to offer the optimal business environment, ecosystem, and a nurturing home for your business in Southeast Asia, throughout Asia, and across the Indo-Pacific," said PEZA Director General Tereso Panga.

Panga also lauded the results of the recently concluded high-level trade mission sent by US President Joseph Biden, which Raimondo said was expected to pour in over $1 billion worth of investments in the Philippines.

The US is the second largest foreign investor in the ecozones, with Japan being number one.

United States investments account for 355 companies in PEZA, contributing P404.368 billion worth of investments, $10.352 billion in exports, and 368,511 direct jobs as of date. — VDV, GMA Integrated News