PEZA approves P2.21B investments in Jan

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Groundbreaking ceremony of the Baguio City Economic Zone Multi-Purpose Center on January 26. Photo from PEZA.
  • The Philippine Economic Zone Authority approved investments of P2.21 billion across 12 projects in January 2024
  • The investment, however, reflects a 65% decline from the previous year
  • These ventures are expected to generate $69.62 million in exports and create 1,337 direct jobs
  • PEZA director general Tereso Panga is optimistic about securing additional investments in the coming months

The Philippine Economic Zone Authority (PEZA) approved investments of P2.21 billion across 12 new and expansion projects in January 2024, down 65% year-on-year from P6.393 billion approvals for 19 projects.

The latest projects are expected to yield exports valued at US$69.62 million and create 1,337 direct jobs, PEZA said in a statement.

The PEZA Board green lit the 12 projects, encompassing seven ecozone export enterprises, four information and technology enterprises, and one facilities enterprise, during its initial meeting for 2024 at the Baguio City Economic Zone (BCEZ).

The designated locations for these projects include the Cavite Economic Zone, Cavite Technopark-Special Economic Zone (SEZ), Laguna Technopark, Lima Technology Center-SEZ, Carmelray Industrial Park II-SEZ, Laguna Technopark Annex-SEZ, First Philippine Industrial Park, Giga Tower Bridgetowne IT Park in Quezon City, Southwoods Mall in Laguna City, Panorama Tower in Bonifacio Global City, and Jazz IT Center in Makati City.

PEZA director general Tereso Panga said with over P2 billion in investments in the first month of 2024, he is confident PEZA will gain additional investments, citing projects already in the agency’s pipeline awaiting approval in the upcoming months.

Meanwhile, the PEZA chief alongside BCEZ Zone Administrator Emmanuel Cortero witnessed the groundbreaking for the BCEZ Multi-Purpose Center on January 26. The two-level facility is designed to serve as a venue for leasable office spaces, recreational activities, and learning initiatives for BCEZ and its locator companies. Target completion is May 2025, said Panga.

Describing the BCEZ Multi-Purpose Center, Cortero said, “Our 1,098.24-square meter multipurpose center will be a state-of-the-art and environmentally friendly facility. One of the unique features of this building is its natural ventilation with passive cooling and solar rooftop renewable energy installation.”

READ: PEZA targets 15% “conservative” hike in investments for 2024