Peza approved projects tripled to P80.58 billion in first half of 2023

Peza approved projects tripled to P80.58 billion in first half of 2023

THE Philippine Economic Zone Authority (Peza) has greenlighted 102 ecozone projects across the country worth about P80.58 billion for the first semester of 2023, on track to achieving its investment targets for the year.

This total investment is 2.5 times bigger than the investment pledges approved for the same period last year under the Duterte administration.

“We remain optimistic that we will sustain our positive growth trajectory for the second half of the year, given the notable increase in our key performance indicators on investments, jobs and exports from a more aggressive whole-of-government approach in investment promotion,” Peza director general Tereso Panga said in a statement.

206 projects

He said Peza has generated P198.796 billion worth of investments from 206 projects from July 2022 to June 2023 under the new administration, actual direct jobs of 1,805,770 (cumulative), and actual direct exports of US$58.494 billion.

Among the 206 projects, 11 big-ticket projects with minimum P1 billion capital investment have also been approved and registered by Peza during this time. These big-ticket projects with total capital investments of P154.966 billion came from the following sectors: ecozone development (P119.259 billion), export manufacturing (P33.946 billion), and ecozone facilities (P1.761 billion).

Panga noted, “We continue to contribute to the overall positive performance of the administration and serve as a tool to constantly attract investments in the country and promote the Philippines as an investment haven in Asia.”

Foreign delegations

With this, Peza is ramping up its investment promotion and facilitation initiatives to bring in much-needed foreign direct investments to the country. This is ahead of the anticipated influx of investors to the country as Peza conducts follow-through on the outbound missions done by the administration.

“This June, Peza welcomed several French, Czech and Dongguan delegations to the Philippines and facilitated the learning visit and study tour of the Ugandan and Papua New Guinean delegation. Peza likewise received delegations from China, Taiwan and Japan in the first semester of the year,” Panga said. (CSL)

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