PEZA-approved investments more than double in 8 months

MANILA, Philippines — Investments cleared by the Philippine Economic Zone Authority (PEZA) more than doubled from January to August, reflecting strong investor confidence in the country.

In a statement yesterday, the PEZA said it approved 196 new and expansion projects with investments worth P216.47 billion in the eight-month period, 105 percent higher than the P105.83 billion in the same period last year.

The approved projects are expected to generate $6.6 billion in exports and create 26,994 direct jobs nationwide.

These approved investments represent 72 percent of the PEZA’s P300 billion target for the year.

“Reaching more than 72 percent of PEZA’s annual target in only eight months shows that investor confidence in the Philippines is translating into real commitments. Our job now is to move these projects forward quickly and ensure their benefits reach more Filipino workers and communities,” Trade Secretary and PEZA chair Cristina Roque said.

Of the approved projects, the bulk or 80 percent involved manufacturing.

This was followed by 31 projects in ecozone development, 30 in information technology-business process management, 19 for facilities, 15 for logistics, 15 for domestic market activities, four in tourism and two for utilities.

In terms of location, 161 of these projects will be implemented in Luzon, 23 in the Visayas and 12 in Mindanao.

The Philippines emerged as the top investment source during the eight-month period, followed by the Netherlands, South Korea, Singapore and Taiwan.

For August alone, PEZA approved 22 new and expansion projects worth P64.57 billion, 334 percent higher than the P14.87 billion cleared in the same month last year.

With 72 percent of its annual investment target already secured, PEZA remains optimistic of seeing continued investments in the remaining four months of the year.

The PEZA aims to continue to attract investments in green industries, advanced technologies and other high-value sectors through trade missions and partnerships.

“We will use this momentum to push further, attract more high-value investments, expand our export capacity and create more quality jobs for Filipinos,” PEZA director general Tereso Panga said.

“With four months to go, PEZA remains relentless in turning investor confidence into lasting economic opportunities for the country,” Panga added.