PEZA investment approvals soar

From January to February

MANILA, Philippines — Investments approved by the Philippine Economic Zone Authority (PEZA) in the first two months of the year surged by 338 percent from the same period last year, keeping the agency on track to hit its target of nine to 10 percent growth in investment approvals this year.

In a statement yesterday, the PEZA said it approved P52.93 billion worth of investments from January to February, more than four times last year’s P12.1 billion.

The investments cover 39 new and expansion projects, marking a 39.3-percent increase from 28 projects in the same period last year.

The approved investments as of end-February are expected to create 11,063 jobs, 209 percent higher than the 3,580 jobs generated in the same period last year.

Of the approved investments, 71 percent or P37.97 billion were from domestic market enterprises.

“PEZA’s rising investments reflect its dedication to supporting various sectors and propelling the country’s economic progress. By attracting projects from priority industries – such as emerging technologies in the electronics manufacturing services – semiconductor manufacturing services sector – and fostering strategic collaborations with the pharmaceutical industry among others, PEZA continues to draw investments that stimulate regional economic growth and advance the nation’s industrial landscape,” PEZA director general Tereso Panga said.

For February alone, the PEZA approved investments amounting to P22.78 billion, up by 131 percent from P9.88 billion in the same month last year.

The approved investments for February are for 26 new and expansion projects that are expected to create 7,793 direct jobs and generate $241.79 million in exports.

These projects cover nine in export manufacturing, eight in information technology-business process management, three domestic market projects, two in facilities development and four ecozone developments.

These are located in Metro Manila, Calabarzon (Cavite-Laguna-Batangas-Rizal-Quezon), Central Luzon, Central and Western Visayas, Ilocos and Davao.

Among the approvals in February, two are big-ticket projects expected to generate combined investments of P15.99 billion, including a P10.45-billion ecozone development project from South Korea.

With the Philippines-South Korea free trade agreement now in effect, the PEZA is working with the Bases Conversion and Development Authority for the development of the ecozone to accommodate firms engaged in various sectors including manufacturing, agro-industrial, tourism and information technology.

PEZA expects more investments to enter the country, following the signing of the implementing rules and regulations of the CREATE MORE Act on Feb. 17.

The CREATE MORE Act aims to make the country a more attractive investment destination by enhancing the incentives system.

“The IRR supports PEZA’s core mandate to drive investment growth, create jobs and promote sustainable development, especially in the countryside. We now provide even more benefits to investors who wish to locate in the Philippines,” Panga said.

Last year, PEZA approved a total of P214.18 billion worth of investments.