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Business

PEZA-approved investments reach P131.76 billion

Catherine Talavera - The Philippine Star
PEZA-approved investments reach P131.76 billion
In the first week of October alone, the PEZA approved P20.55 billion worth of investments for 25 projects, a 100-percent increase from a year before.
Philstar.com / Jovannie Lambayan, file

MANILA, Philippines — Investments approved by the Philippine Economic Zone Authority (PEZA) soared by over 230 percent to P131.76 billion from January to Oct. 6 compared to only P39.6 billion in the same period last year.

In the first week of October alone, the PEZA approved P20.55 billion worth of investments for 25 projects, a 100-percent increase from a year before.

These projects include 13 export-oriented projects, logistics projects, six information technology projects, two ecozone facilities projects and one ecozone development project.

According to the PEZA, the projects are expected to create goods for the export market valued at $643.321 million and employment for more than 5,000 Filipinos.

Meanwhile, year-to-date investment approvals cover a total of 169 projects, higher than the 148 projects approved in the same period last year.

These projects have a projected export value of $3.026 billion and projected employment of 28,521.

PEZA director-general Tereso Panga said the latest investment figure was already 85 percent of the target for the whole of this year.

“This is a tangible demonstration of our dedication to positioning our country as an attractive investment destination, thereby encouraging greater local and foreign investments in the Philippines,” Panga said.

According to the PEZA, the P154 billion is the conservative end of its investment approvals target for this year.

“Our fearless forecast is P300 billion. But we’ll see, because when Texas Instruments comes in, that’s already a billion dollars,” Panga said.

Malacañang earlier said  Texas Instruments was planning to make an additional investment of up to $1 billion to expand its facilities in Clark and Baguio City.

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