The Philippine Economic Zone Authority (PEZA) reported receiving investment commitments of USD65 million, or roughly…
PEZA investment commitments resume pre-pandemic levels
According to the Philippine Economic Zone Authority (PEZA), investment commitments for 2022 have returned to their pre-pandemic levels.
According to a statement from PEZA, the total amount of investment promises it has granted this year is PHP140.7 billion, more than double the PHP69.3 billion it approved in 2021.
The number of approved investments this year is likewise the highest in the last five.
PEZA-registered projects totaled PHP140.2 billion in 2018.
Officer in Charge of PEZA These investment approvals, according to Tereso Panga, come from 198 projects.
“We never lost optimism that we can return, despite the 29.85 percent fall in the first semester of the year 2022 compared to the first semester of 2021. We were able to record an increase in investments in 2022 thanks to the large investments that the Board prequalified for endorsement to the FIRB (Fiscal Incentive Review Board), according to Panga.
PEZA intends to expand by 6 to 7 percent by the end of 2022.
Prior to this, PEZA announced that just PHP57.05 billion in investment commitments had been made from January to November of this year.
The investment promotion agency (IPA), under the direction of Trade Secretary and PEZA Chairperson Alfredo Pascual, approved 13 projects totaling PHP83.65 billion during the PEZA board meeting last December 15.
The majority of these recently approved investment promises came from six information technology (IT) service projects worth PHP125.17 million, four manufacturing projects for PHP502.98 million, and three economic zone development projects totaling PHP83.02 billion.
Taguig City, as well as the provinces of Pangasinan, Cavite, Batangas, Laguna, Cebu, and Negros Occidental, are likely to see the development of these projects.
“At the current rate, PEZA has completed the level of yearly investments authorized in 2018 this year. This indicates that the nation’s ecozones and high-performance investments have returned to, and even surpassed, their pre-pandemic levels. The PBBM (Ferdinand R. Marcos Jr.) government has improved both the economic and political atmosphere, and we aim to maintain our strong performance as we get ready for the recovery of the economy and our transition to upper-middle income status,” Panga remarked.
Exports from PEZA zones reached USD 54.24 billion, and as of October 2022, there were 1,850,842 people working in ecozones.
In order to help PBBM achieve its aim of transforming the nation into an upper middle-income economy during his term, Panga noted that PEZA “remains committed to completing its sworn duty and attracting the much-needed strategic and big-ticket investments to the country.”
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