The Philippine Economic Zone Authority (PEZA) on Monday finalized the registration of Promet (Asia) Inc. for its P1.5 billion manufacturing operation in a Pampanga economic zone, where it will produce safes and steel furnishings.
In a statement on Tuesday, PEZA announced that its director general, Tereso Panga, and Promet Asia Inc. President Eugeniusz Pietrow formalized the company’s registration as a new export enterprise on 18 November at TECO Industrial Park, Pampanga. The operation will employ over 150 workers to manufacture steel products.
Pietrow shared that after conducting extensive studies and due diligence across ASEAN and India, Promet chose the Philippines for its promising business environment, citing PEZA’s helpfulness throughout the process.
The Pampanga facility is expected to be completed by the third quarter of 2025 and begin operations by 2026.
Currently, PEZA has 4,382 registered business enterprises.
PEZA Chief Panga stated, "We welcome Promet's investment in the ecozones, which is the first investment in PEZA with major Bahrainian equity. It is a testament to our world-class brand of service and the ecozones providing the best business ecosystem for investments."
Panga emphasized that PEZA continues to tap into new markets and industries using a whole-of-industry and government approach, contributing to the country’s economic growth.
Meanwhile, the Department of Trade and Industry (DTI), PEZA’s parent agency, announced that Amber Kinetics, a US-based energy storage system company, plans to expand its operations in the Philippines and the United States.
The announcement was made during a visit facilitated by the DTI for Philippine Ambassador to the US Jose Manuel Romualdez.
Ambassador Romualdez highlighted Amber Kinetics as the sole provider of long-duration flywheel energy storage systems (FESS), extending energy storage capabilities from minutes to hours. He praised the technology for offering safe, sustainable, and reliable energy storage solutions for the modern grid.
“Amber Kinetics’ investment and innovation in energy storage are transforming the Philippines’ energy landscape, driving sustainability and supporting our transition to a greener future,” Romualdez said, recognizing the company’s pivotal role in renewable energy development.
Earlier this year, Amber Kinetics CEO Edgar O. Chua announced a $300 million investment for its expansion, including $100 million dedicated to increasing capacity in the Philippines.
The company currently manufactures, assembles, and tests flywheels at its Batangas facility and demo site at De La Salle University in Sta. Rosa, Laguna, which serves as the world’s first flywheel innovation hub.