By RMDO | BusinessWorld
July 11, 2023
THE PHILIPPINE Economic Zone Authority (PEZA) approved P80.59 billion worth of investments in the first six months, more than double the approvals in the same period in 2022.
In a statement, the PEZA said its board gave the green light for 102 economic zone developer-locator projects worth P80.59 billion in the January-to-June period. This was 258% higher than the P22.49 billion worth of projects approved in the same period in 2022.
“We remain optimistic that we will sustain our positive growth trajectory for the second half of the year, given the notable increase in our (key performance indicators) on investments, jobs and exports from a more aggressive whole-of-government approach in investment promotion,” PEZA Director-General Tereso O. Panga was quoted as saying in the statement.
In June alone, PEZA-approved investments surged by 814% to P32.56 billion from P3.56 billion a year ago.
The 22 projects approved in June are estimated to generate $481.88 million worth of exports and create 3,475 jobs.
“For the first year of the Marcos administration (July 2022-June 2023), PEZA has by far generated investments of P198.796 billion worth of investments from 206 projects, actual direct jobs of 1,805,770 (cumulative), and actual direct exports of $58.494 billion,” Mr. Panga said.
He noted the PEZA approved 11 big-ticket projects in sectors such as ecozone development (P119.259 billion), export manufacturing (P33.946 billion), and economic zone facilities (P1.761 billion) during the last 12 months.
The PEZA is eyeing a 10% increase in investment approvals this year. It approved P140.7 billion worth of investments in 2022.
“With the inclusion of the ecozone development program in the country’s medium-term plan (2023-2028), we aim to develop more ecozones in rural and new growth areas and introduce new frontiers catering to emerging and niche industries,” Mr. Panga said.