PEZA approves 19.25% more investments in Q1

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PEZA approves 19.25% more investments in Q1
Of the 50 projects approved in the first quarter of 2024, 29 are into export manufacturing, 13 in information technology-business process management (IT-BPM), three in logistics, three in facilities, one in the domestic market, and one ecozone development. Image by Nattanan Kanchanaprat from Pixabay
  • The Philippine Economic Zone Authority Board approved 50 new and expansion projects worth P14.95 billion in the first quarter of 2024
  • The latest figure is 19.25% higher than the P12.54 billion approved in the same period last year
  • The projects are expected to bring in $616.59 million in exports and create 11,558 new jobs
  • Of the 50 projects, 29 are into export manufacturing, 13 in IT-BPM, three in logistics, three in facilities, one in the domestic market, and one ecozone development

The Philippine Economic Zone Authority (PEZA) Board approved 19.25% more investments in the first quarter of 2024 compared to the same period last year.

The 50 new and expansion projects are worth P14.95 billion, higher than the P12.54 billion investments approved in last year’s first three months, PEZA said in a statement.

Of the 50 projects, 29 are into export manufacturing, 13 in information technology-business process management (IT-BPM), three in logistics, three in facilities, one in the domestic market, and one ecozone development.

The projects are also expected to bring in $616.59 million in exports and create 11,558 new jobs.

Majority of the projects will be in Quezon, Taguig, Makati, CALABARZON, Bataan, Pampanga, Cebu, Albay, and Cagayan De Oro.

Top investments will come from the Cayman Islands, Hong Kong, Singapore, the Philippines, and Japan.

“We are positive that we will see a continuous upward trajectory with our aggressive investment promotion and facilitation as President Ferdinand Marcos Jr. strengthen our bid to position the Philippines as the preferred investment destination in Asia, complemented by PEZA’s targeted and aggressive approach in investment promotion,” PEZA director general Tereso Panga said.

For March alone, the PEZA Board approved 22 new and expansion projects expected to bring in P2.85 billion. This is 21.8% higher than the P2.34 billion approved from 12 projects in March 2023.

In terms of exports and employment, the projects are seen to bring in $363.78 million in exports and create 7,978 jobs.

Among the 22 projects, 13 are into export manufacturing, six into IT-BPM, two for facilities, and one for logistics.

CALABARZON remains the top destination region for March-approved projects both for new and expansion projects, with others choosing Taguig City, Quezon City, Pampanga, and Cebu.

Panga expressed confidence in hitting PEZA’s targets this year, saying the agency is “on the right track and will ride the wave of the President’s business-friendly stance, the country’s renowned sound fiscal management and solid economic fundamentals, and this administration’s whole of government approach in investment promotion…”

“PEZA is more than encouraged to sustain its growth momentum this year and onwards given the very positive investment climate statement recently issued by the US International Trade Administration and Bloomberg International, saying that business environment is notably better particularly within the PEZA special economic zones and that PEZA is a unique factor for the Philippines in terms of FDI (foreign direct investment) attraction,” Panga added.

Panga earlier said PEZA is targeting a “conservative” 15% year-on-year increase in approved investments to P202 billion in 2024, but also eyes to hit P250 billion similar to what the agency was generating during the time of former PEZA director general Lilia de Lima.

For the coming months, PEZA said it will be conducting a follow-through on the pledges obtained by the Philippines during the President’s official state visits and likewise attract the untapped strategic sectors that will be vital in the country’s economic growth and development.

READ: PEZA approves 18.66% more investments for Jan-Feb