December 17, 2024 | 12:00am
MANILA, Philippines — The Philippine Economic Zone Authority (PEZA) expects to end 2024 with approved investments of around P215 billion, the highest in seven years.
It is also aiming for a nine to 10 percent increase in investment approvals next year, following the approval of the CREATE MORE and a new free trade agreement (FTA) with South Korea.
In a press briefing yesterday, PEZA director general Tereso Panga said the agency is looking at a “nine to 10 percent increase in investments” next year to reach a minimum of P235 billion from the 2024 performance.
He said PEZA, which is set to hold its last board meeting today, expects total investment approvals to reach around P215 billion for this year.
The PEZA expects to approve P7.07 billion worth of projects in ecozone development and P6.38 billion worth of locator projects at today’s board meeting.
Investments approved by the PEZA in the January to November period reached P201.55 billion, up by 43.06 percent year-on-year.
The investment approvals in the 11-month period are also above the total investments approved by the PEZA in 2023 amounting to P175.71 billion.
Panga said the CREATE MORE, which enhances incentives for investors, is expected to attract more investments into the country.
“You have the CREATE MORE, which now provides for the most generous fiscal incentives for investors among ASEAN (Association of Southeast Asian Nations) economies, and of course the fiscal and economic reforms already put in place by the government. So we’re anticipating bullish projections with our upward trajectory of investments,” he said.
With the ratification of the bilateral FTA between the Philippines and South Korea, he said the PEZA expects to get more investments from Korean firms next year.
He also cited China, Taiwan, the US and Japan as other expected sources of investments next year.
As part of the aim to attract more investments, Panga said the PEZA is diversifying its sources of investments.
He said PEZA’s ambitious plan is to exceed the record level of investments approved in 2012 when it reached P311.9 billion, within the current administration.
“As soon as we breach that, the Philippines will be seen as a serious contender when it comes to FDI (foreign direct investment) attraction in the region,” he said.
Be the first to comment