The Aurora Pacific Economic Zone and Freeport Authority (APECO) is hopeful of securing the government’s approval for the release of at least ₱2 billion from its remaining capitalization as early as next year, as it aims to attract more investors.

APECO President and Chief Executive Officer (CEO) Gil Taway IV said the government has so far released only ₱2.9 billion of the law-mandated capitalization for the investment promotion agency (IPA).

Under Republic Act (RA) No. 9490, APECO has been allotted seed funding of ₱10 billion, leaving ₱7.1 billion yet to be released.

“This coming budget cycle, we intend to request at least ₱2 billion,” Taway said in a message to reporters.

APECO, which is tasked with managing the special economic zone (SEZ) in Casiguran, Aurora, has been struggling to secure the remaining funding from the government, partly due to a number of controversies throughout its history.

Confident in ongoing reforms, Taway said the release of ₱2 billion in funding will be “conditioned” on the efficient utilization of the agency’s budget this year and the entry of foreign investors.

“If we are able to deliver on these twin conditions before the start of the budget process and/or deliberations, we can propose the said amount in our 2027 National Expenditure Program (NEP),” he said.

For the year, APECO has received a budget of ₱381.54 million, up 49 percent from last year’s allocation of ₱256.02 million.

Taway said the increased funding will allow APECO to double down on its investment missions this year to attract both foreign and domestic investors.

Within the quarter, the IPA is expecting an investment from Virginia-based defense supply chain firm Anglicotech LLC to build a manufacturing facility focused on drones and ammunition.

It is also awaiting the entry of Singapore-based energy company Pacific Impact Development Pte. Ltd. for a proposed 16-megawatt (MW) renewable energy (RE) facility, with a potential investment of around $25 million.

“As we continue to deliver on the promise of APECO, it would be easier to access the remaining balance,” Taway said.

“So every year, we will make the request for the same amount until the capitalization is exhausted,” he added.

Last week, Taway said he expects the remaining ₱7.1 billion to be released once the IPA begins to earn from the projects under its watch, either through lease payments or revenue sharing.

He noted that it could take more than five years to receive the full capitalization, although he hinted that the process could be faster once more manufacturing companies register with APECO.

“I think this is not a difficult ask from the government. And the government, I’m sure they know that there are more additional infrastructure projects that need funding,” he added.

The remaining capitalization is expected to support APECO’s ongoing and future infrastructure projects to make the ecozone more welcoming to investors and ready for future growth and expansion.