THE Philippine Economic Zone Authority (Peza) Board approved 14 new and expansion projects in April that are expected to bring in a combined P20.556 billion in investments and create 2,233 jobs.
One of the projects is an ecozone information technology (IT) enterprise to be located on Archbishop Reyes Avenue, Cebu City that is expected to bring in P2.28 million in investment and employ about 12 people.
Of the 14 Peza-approved projects, seven are in logistics service enterprise, four in export manufacturing, and three IT enterprises. Besides Cebu, these projects will be located in Baguio, Cavite, Laguna, Batangas and South Cotabato.
The biggest project pre-qualified by the Peza Board for the Fiscal Incentives Review Board’s approval is engaged in the manufacture of biomass fuel products made from Buyo-buyo (Piper aduncum-shrub), with investment worth P19.701 billion.
Peza approved 60 new and expansion projects worth P33.094 billion in the first four months of the year, which is 107.15 percent higher than the P15.975 billion in approved investments in the same period in 2022, according to Peza Director Tereso Panga. These projects are expected to generate about US$1.012 billion in exports and create 7,469 direct jobs.
“We remain positive that more investments will come to the Philippines with the big-ticket investments that we secured during the President’s visits to Japan, the US and Switzerland, among others,” Panga said, referring to the investment missions of the Marcos Administration.
Panga said Peza hopes to attract foreign direct investments in advanced manufacturing, electric vehicle industry, renewable energy development, mineral processing, regenerative agriculture, and frontier technologies particularly in digital health, fintech, blockchain, artificial intelligence and big data—to boost the mix of industries and value-adding in the ecozones.