For the period of January through April of this year, the Bureau of Internal Revenue…
PEZA approvals increase 107% to P33-B from January to April.
According to a study released on Thursday by the Philippine Economic Zone Authority (PEZA), investment approvals during the first quarter of this year increased by 107.5 percent, to PHP33.09 billion, from PHP15.98 billion during the same period in 2022.
Tereso Panga, director general of PEZA, stated in a statement that these pledges originated from 60 projects that registered with the organization between January and April of this year.
According to Panga, these investments are anticipated to increase export revenues by USD1.01 billion and produce 7,469 new direct jobs.
PEZA filed 14 new and expansion projects for the month of April 2023 alone, seven of which were from logistics service companies, four from export manufacturing companies, and three from information technology companies.
Investment commitments for April 2023 increased from PHP7.83 billion in April 2022 to PHP20.56 billion, a 162.37 percent increase.
The manufacturing of biomass fuel products generated from the Buyo-buyo (Piper aduncum shrub) shrub accounted for the largest share of the investment approvals at PHP19.7 billion.
The number of jobs expected as a result of April 2023 promises is 2,233.
Panga stated, “We believe that we are now enjoying the benefits of President Ferdinand (R.) Marcos (Jr.) and his administration’s investment initiatives, and it is now up to us to carry out the commitments.”
According to the PEZA director, more foreign investments are anticipated as a result of President Marcos’ recent overseas travels.
Following Marcos’ recent visit to the United States, 1.3 billion USD in potential investments that might support 6,700 jobs were developed.
Panga continued, citing the Chief Executive’s trips to the United Kingdom and Indonesia. “We hope to attract FDI (foreign direct investment) in advanced manufacturing, EV (electric vehicle) industry, RE (renewable energy) development, mineral processing, regenerative agriculture, and frontier technologies particularly in digital health, fintech, blockchain, AI (artificial intelligence) and big data — to boost our mix of industries and value-adding in the ecozones.
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