Ecozone investments nearly double in H1

MANILA, Philippines — Investments approved by the Philippine Economic Zone Authority (PEZA) surged by 94 percent in the first semester, putting the agency on track to hit its target.

In a statement yesterday, PEZA said it approved P140.69 billion worth of investments in the first half, nearly doubling the P72.36 billion cleared in the same period last year.

This year’s approved investments are for 157 new and expansion projects that are expected to generate $3.37 billion in exports and create 23,140 direct jobs.

The investments cover various sectors, with manufacturing accounting for the most number of projects.

The Netherlands emerged as the top source of investments from January to June, followed by South Korea, Singapore, Indonesia, Germany and Japan.

“PEZA’s first-half approvals send a clear message: the Philippines remains firmly on the radar of global investors,” PEZA director general Tereso Panga said.

He also said that the agency is on track with its P300-billion investment approvals target for this year.

“As companies reconfigure supply chains and look for competitive locations in the region, PEZA is ready to provide the enabling environment, investor support and ecozone platform needed to turn these opportunities into real projects, jobs and exports,” he said.

In June alone, PEZA approved 22 projects with a total investment value of P15.85 billion. This is 163 percent higher than the P6.02 billion worth of investments approved in the same period of last year.

The approved investments in June are projected to generate $401.05 million in exports and provide 3,218 direct jobs.

These approved projects cover manufacturing, information technology-business process management, ecozone development, logistics and domestic market enterprise.

Apart from the implementation of the new Strategic Investment Priority Plan, PEZA said that the sustained influx of investments is supported by the government’s ongoing efforts to modernize infrastructure, advance digital transformation, improve logistics and connectivity, promote energy and renewable energy developments, as well as workforce upskilling programs.

PEZA also continues to push for the expansion of economic zones.

“As global companies look for stable and competitive locations, the Philippines stands ready to be their long-term partner for growth,” Panga said.