November 21, 2024 | 12:00am
MANILA, Philippines — Investments approved by the Philippine Economic Zone Authority (PEZA) reached over P186 billion from January to November, surpassing last year’s total and keeping the investment promotion agency on track to hit its P200 billion investment approvals target for the year.
In a statement yesterday, the PEZA said investment approvals in the 11-month period hit P186.1 billion, higher than the P175.71 billion approved in full-year 2023.
The approved investments from January to November was also up by 32 percent from the P140.88 billion approved in the same period last year.
The approved investments cover new and expansion projects that are expected to generate more than $3 billion in exports and create 60,000 jobs.
For November alone, the PEZA approved P62.34 billion investments. These comprise of 24 new and expansion projects that are expected to generate $300 million in exports and provide more than 20,000 jobs.
Of the approved projects this month, 12 involve export activities, six are in information technology services, two in domestic market-oriented projects and one each in facilities, logistics, utilities, as well as ecozone development.
These projects will be implemented in the National Capital Region, Calabarzon, Central Luzon, Bicol, Central Visayas and Northern Mindanao.
PEZA director general Tereso Panga said the investment promotion agency’s approval of P62.34 billion worth of investments during its first board meeting this month brings the agency closer to its aim of driving further growth and innovation in the country through the entry of both local and foreign investments into ecozones.
“Surpassing the previous year’s investment acquisition performance is a clear sign of the confidence of both international and local investors in our current economy and policies as charted by President Marcos,” he said.
“Similar to last year, we are poised to meet the projected investment and expansion target we have set at P200 billion as we close this year,” he added.
With the recent approval of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, which seeks to bring improvements to the incentives system, the PEZA expects to entice more investments to the country.
“The CREATE MORE Act empowers PEZA and its mandate to support FDI (foreign direct investment)-driven exports, job creation and sustainable economic growth, helping build a globally competitive and inclusive Philippines. We look forward to working with stakeholders to maximize these benefits and drive transformative impact across the nation,” Panga said.
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