THE Philippine Economic Zone Authority (PEZA) is upbeat about hitting its P200-billion yearend investment target, especially with the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) bill recently approved by the Senate on third and final reading.
“I am optimistic that we will still meet the set target, given the recent pledges from China, as well as projects already in the pipeline but yet to be presented to the board,” PEZA Director General Tereso Panga said in a statement issued during the weekend.
Create More, he said, offers benefits comparable to those granted by Vietnam, Indonesia and Thailand.From January to August, there were 165 PEZA-approved projects, with a combined value of P61.695 billion, which could generate 31,827 direct jobs, 72.91 percent higher than the 18,407 in the same period last year.
“Looking at the numbers, I would see it as half-full rather than half-empty,” Panga said.
“The situation is quite similar to last year when the bulk of investments in PEZA were generated in the last three months.”
A number of projects in the form of foreign direct investments include Taiwan, Japan and Singapore.
Panga said that he expected growth in the global electronics and electric vehicles (EVs) sectors. The rising middle class and its changing lifestyle preferences will also drive demand, he added. “The rebound of the electronics, semiconductor and EV sectors are good signs of their resiliency. We are banking on their investment expansions within the year.”
The government’s thrusts on research and development, clean and green production, and sustainable development will draw more investments in technology and infrastructure, he said.
The PEZA chief explained that developing pharma ecozones, aquamarine parks, KIST (knowledge, innovation and science and technology) industry excellence centers, and integrated steel mills would help diversify foreign investments and the country’s industries.
The growth of ecozones, he noted, will be driven by the strong performance of the information technology (IT) and business process Management (BPM) sectors and rising tourism investments.
As part of the shared objectives of the Association of Southeast Asian Nations (Asean), Panga said PEZA would strengthen the value and supply chain among locators among member countries to make trade in the region more attractive for foreign investment and exports.
The Asean outlook for 2024 is positive and so is that for the Philippine economy amid declining inflation and steady GDP growth rates, and as the country aims to be the top performing economy in the region, Panga said.
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