MANILA, Philippines — The Philippine Economic Zone Authority (PEZA) is close to hitting its P300-billion investment target for the year as investment approvals surged by 92 percent from January to September.
In a statement yesterday, the PEZA said that its board approved P297.14 billion in investments from January to September, well-above the P154.70 billion cleared in the same period last year.
This year’s investment approvals are for 222 projects, which are expected to generate $8.95 billion in exports and create 33,331 direct jobs.
The approved investments cover the following sectors: manufacturing, information technology-business process management, logistics, domestic market activities, ecozone development, facilities, tourism and utilities.
In terms of foreign sources, Taiwan topped the list, followed by the Netherlands, South Korea, Singapore and Indonesia, reflecting a diverse pool.
In September alone, the PEZA approved P80.68 billion in investments, 65 percent higher than the P48.87 billion in the same month last year.
The approved investments in September are for 26 projects that are expected to yield $2.34 billion in exports and create 6,292 direct jobs.
Of the approved projects in September, five have combined investments of P77.62 billion, covering shipbuilding and repair, photovoltaic (solar) manufacturing, real estate activities, bioethanol production and electronics manufacturing.
These five projects will be located in Tarlac, Cavite, Batangas and Negros Occidental.
PEZA director general Tereso Panga said the latest investment approvals reflect the growing investor confidence in the country.
For PEZA, the recent substantial agreement reached in the Philippines-European Union free trade agreement is expected to open investment opportunities in the country and create more jobs.
PEZA also expects the Philippines’ growing international economic partnerships to help strengthen the country’s position as a preferred destination for the next wave of investments, including advanced manufacturing, semiconductors and electronics and aerospace.
“With P300 billion within reach and with still three months to go before the year-end, the agency is sustaining its aggressive investment promotion and investor facilitation efforts to go beyond the target and breach the highest P311 billion record investments by PEZA set during the Aquino administration,” Panga said.
Last year, the PEZA approved a total of P261 billion in investments.
