Peza poised to hit P200B in approved investments

Peza poised to hit P200B in approved investments
SunStar Business
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The Philippine Economic Zone Authority (Peza) has already secured P123.756 billion in approved investments during the first 10 months of the year.

The agency is on track to meet its P200 billion investment target for the year.

On Oct. 18, 2024, the Peza Board approved P7.869 billion in new investments, expected to generate US$562.624 million in exports and create 4,862 direct jobs from 19 new and expansion projects.

These include eight manufacturing projects, eight in IT, two in ecozone development, and one in logistics services, spanning Pampanga, Laguna, Cavite, Iloilo, Taguig, Cebu, Muntinlupa, Makati, Batangas, Quezon City and Tarlac.

The projects involve industries such as fabricated metal products, computer programming, commercial printing, electronics, semiconductors, warehousing, transportation support, office services and rubber and plastic products.

Peza Director General Tereso Panga credited the agency’s streamlined processes and investor-friendly policies for the approval of 198 new projects from January to October, surpassing the 169 projects approved in the same period last year.

These initiatives are expected to generate US$3.075 billion in export revenue, exceeding the US$3.025 billion from last year, and create 40,733 direct jobs—an impressive 42.82 percent increase from the 28,521 jobs created during the same period in 2023. / KOC

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