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PEZA investments from January to November 2022 posted a 12% decline
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For the period in review, 181 projects were approved, also down 21% from 229 projects recorded in the same period last year
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PEZA remains optimistic it can hit its target of 6-7% annual rise in approved investments by year-end
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For January-October 2022, the agency recorded 4.68% growth in exports and a 4.62% increase in direct employment
Philippine Economic Zone Authority (PEZA) investments fell 12% in January-November 2022 to P57.05 billion from P64.46 billion year-on-year.
The latest investment figure was generated from 181 projects, also down 21% from 229 projects recorded in the same period last year.
Still, PEZA officer-in-charge and deputy director general for policy and planning Tereso Panga is optimistic the investment promotions agency will be able to hit its target of 6-7% annual increase in approved investments by year-end.
“From a 28% decline in investments two months ago, we were able to narrow the gap to 11.5% in January-November 2022 vs the same period last year. With two more board meetings scheduled this December, we are confident that we can achieve our target 6-7% increase in 2022 approved investments vs 2021,” Panga said in a statement.
For January-October 2022, PEZA recorded US$54.24 billion of exports, a 4.68% growth from the $51.81 billion posted in the same period last year. Moreover, direct employment rose 4.62% in the first 10 months of the year to 1.85 million from 1.77 million in the same period last year.
PEZA OIC deputy director general for administration and finance Aleem Siddiqui Guiapal, in a media briefing on December 12, said the agency’s strategy for more investments include engaging new markets, expansion of existing markets, and engaging in emerging markets.
PEZA’s delegation recently visited various countries such as South Korea, Taiwan, the Middle East, and Japan as part of its strategy to engage new markets. For emerging markets, Guiapal said PEZA is engaging Gulf and Middle East countries for potential halal hubs.
To further improve the ease of doing business in economic zones and attract more investments, PEZA is proposing a revisit of the CREATE Law to empower investment promotions agencies and make fiscal incentives more competitive.
The ecozone operator is likewise seeking an amendment of the 27-year old PEZA Law to institutionalize the work-from-home policy; restructure PEZA’s organization; enhance fiscal incentives; reinforce the separate customs authority status; include new types of ecozones; and rationalize requirements for ecozone proclamations, among others.
PEZA also seeks reinstatement of ecozone development strategy in the Philippine Development Plan, and further strategic alliances and industry collaborations.
RELATED READ: PEZA approved investments in Jan-Sept down 23%
