NextGen Day

🏢📈 MANILA – The Philippine Economic Zone Authority (PEZA) is optimistic about achieving PHP300 billion in investment approvals this year, according to PEZA Director General Tereso Panga.

Panga expressed confidence that this goal is attainable in 2023, particularly if significant investment leads in the pipeline proceed with registration this year.

PEZA data reveals that the highest investment pledges were recorded in 2012, amounting to PHP312 billion. Subsequent years saw PHP295 billion in 2015 and PHP279 billion in 2014.

The agency recently engaged with potential investors in China, where a substantial expansion of a 300-hectare ecozone development is being considered. These investors, already present in the Philippines, are exploring further growth opportunities.

Furthermore, PEZA is awaiting the presidential proclamation declaring information technology (IT) parks in the National Capital Region (NCR) as PEZA-registered ecozones to bolster investment approvals this year.

The Corporate Recovery and Tax Incentives for Enterprise (CREATE) law superseded the moratorium on new ecozone development in NCR. Panga mentioned that the CREATE law deems the moratorium obsolete, as Metro Manila is categorized as Tier 1, making ICT activities in NCR eligible for tax perks.

PEZA currently has 10 to 20 applications for new IT parks and centers in NCR, and they are anticipating the proclamation of an IT center in Metro Manila, which will pave the way for others to follow suit.

Panga emphasized that incentivizing the development of new ecozones in NCR aligns with the government’s commitment to countryside development. Many new IT and business process management industry entrants prefer starting in Metro Manila before expanding to other parts of the country.

From January to June 2023, PEZA approved PHP80.6 billion worth of investments. Despite targeting around PHP150 billion for the year, the agency is confident in achieving the goal, with PHP80 billion already approved. Panga foresees reaching PHP160 billion with ease.

The efforts of PEZA are geared towards attracting investments, promoting growth, and supporting the country’s economic development. 🏙️💼💰🚀🇵🇭💼🌱

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