PEZA approves 21 projects worth P3.8B in Feb

• The Philippine Economic Zone Authority approved 21 new and expansion investment projects cumulatively worth P3.80 billion in February 2023

• This is a 112% increase from the P1.792 billion approved year-on-year

• Five projects are for export manufacturing, three for facilities expansion, one for information technology, one for logistics, one for utilities, and one manufacturing operations

• For 2023, PEZA is targeting a year-on-year increase of 10% on investments, 9% for exports, and 8% for job generation

The Philippine Economic Zone Authority (PEZA) approved 21 new and expansion investment projects worth P3.80 billion in February 2023. This is a 112% increase compared with the P1.792 billion approved in the same period last year.

In a meeting on February 23, the PEZA Board green lit five projects for export manufacturing, three for facilities expansion, one for information technology, one for logistics, one for utilities, and one for manufacturing, PEZA officer-in-charge and deputy director general for policy and planning Tereso Panga said in a speech during PEZA’s 28th anniversary celebration.

The projects are located in Taguig City, Laguna, Batangas, Tarlac, and Palawan. In January, PEZA okayed 19 investment commitments.

PEZA has already endorsed 21 ecozone development projects to the Office of the President for final approval. These projects are expected to bring in P21.207 billion investments.

Panga noted that in just two months, PEZA has already achieved the level of annual investments approved in 2018, which means “the country’s ecozones and high-performance investments are back to the pre-pandemic level”—and even surpassing the 2018 record.

In 2022, PEZA approved P140.7 billion worth of investments from 198 projects, 103% up from P69.30 billion recorded in 2021.

Panga said they expect more projects to come in this year resulting from investment missions conducted in Japan, Taiwan, South Korea, Switzerland, Mongolia, United States, as well as from upcoming trips. For 2023, PEZA is targeting a year-on-year increase of 10% on investments, 9% for exports, and 8% for job generation.

The investment promotions agency has identified seven investment priority sectors in the ecozone value chain—manufacturing; extractives (green ores); agriculture and blue industries; IT services; eco-industrial park development; science, technology, and innovation; and integration of small and medium enterprises. Panga said the inclusion of SMEs is a key addition to support the operations of locator companies.

One of the main strategies PEZA is also adopting to strengthen its investment promotion and facilitation is the creation and registration of “new frontiers in ecozone development,” which include aerotropolis; biotech centers; e-commerce zones; halal and food production hubs; and renewable energy parks.