Peza approves P14.951B investments from January to March

Peza approves P14.951B investments from January to March
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THE Philippine Economic Zone Authority (Peza) has approved a total of P14.951 billion worth of investments in the first quarter of 2024.

At a media forum on Saturday, March 16, 2024, Peza Director General Tereso Panga said there was a 19.25 percent increase in the amount of approved investments for the first three months of the year compared to the same period in 2023, which amounted to P12.537 billion.

In March alone, approved investments totaled P2.845 billion, marking a 21.8 percent increase compared to March 2023, which stood at P2.343 billion

Panga also said that half of these investments resulted from the foreign trips of President Ferdinand Marcos Jr.

He noted that the foreign trips of the President have attracted more investments, with the latest from Germany and the Czech Republic. He said that based on Peza’s running of figures, it could easily be at 43 percent of its P175.7 billion, or roughly P75 billion.

Panga said the country achieved a 25 percent increase in investment rate or P175.7 billion in 2023, from a P140.7 billion base figure in 2022.

Panga said all Peza’s current indicators are up for exports and employment, manifesting the Philippines’ upward trajectory for 2024, which is something that is expected for the year and onwards because of its excellent gross domestic product (GDP) performance since 2022.

“The Philippines happens to have the highest GDP growth rate in ASEAN since ’22 po – for three years in a row now. That makes the Philippines one of the best-performing economies in the region,” he said.

Panga also noted the country’s recovery from the Covid-19 pandemic, which accelerated during the second half of the Marcos administration, resulting in a 103 percent increase in investments.

Peza, which was created in 1995, is the government agency designating areas all over the Philippines as economic zones.

Peza has 422 operating economic zones covering manufacturing, agri-industrial, tourism, Information Technology and Business Process Management (IT-BPM), with all of the operating economic zones becoming home to more than 4,300 export-oriented locator companies.

Peza is a big contributor to the economy -- almost 17 percent of the country’s GDP -- the Peza official said, noting more than 50 to 60 percent of the country’s total exports of goods and services come from the locators alone. (TPM/SunStar Philippines)

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