A Japanese manufacturer opened its P1-billion expansion facility inside the Mactan Economic Zone (MEZ) in Lapu-Lapu City.

Philippine Economic Zone Authority (PEZA) Director-General Tereso Panga revealed that Tamiya Corporation launched its newly expanded facility to manufacture P26 million worth of export products annually. Tamiya is a maker of plastic model kits.

PEZA said that Tamiya invested P933.84 million for the new facility at the Cebu Light Industrial Park in Barangay Basak, Lapu-Lapu City.

"Tamiya's expansion is a strong testament to its continuing trust and confidence in the Philippines, and to the great skills and attitude of the Filipino workforce. It likewise represents the continued commitment of Japanese companies to the Philippines as their best bet for operations," Panga said in a press statement.

He added that there are 877 Japanese companies in PEZA's ecozones that invested a total of P766.5 billion, as of June 2023. These companies produced $6.4 billion in exports from January to May this year.

PEZA secured P10 billion worth of investment commitments from Japan.

The largest investment commitment was the P7.2 billion from electronics company TDK Corporation which was first expanded beginning 2023 until 2026.

The next largest investment commitment is the P1.6 billion expansion plan of materials and electronics firm Taiyo Yuden, as well as the P1- billion commitment that will each come from medical device company Terumo Corporation and platting machine manufacturer Almex Technologies.