NextGen Day

MANILA, Philippines — Director General Charito Plaza of the Philippine Economic Zone Authority (PEZA) said Friday that the investment promotion agency is now expecting a 7 to 8% increase in investment approvals this year.

The new growth prediction, according to an interview with ABS-CBN News Channel, is somewhat higher than the prior projection of a 6% increase in approved investments for the whole year of 2022.

PEZA approved project registrations worth PHP69.3 billion in 2021, which will result in the creation of 35,245 employment once the projects are fully operational.

“With these new legislation and active marketing promotion of the Philippines to become an investment haven in Asia,” Plaza added, PEZA is more hopeful about its expansion this year.

The Duterte government was able to enact three major acts, including modifications to the Retail Trade Liberalization Act and the Foreign Investment Act, with the signing of the modified Public Service Act last month.

Plaza went on to say that with the administration’s three important economic legislations, which allow full foreign ownership in more industries, PEZA intends to improve foreign direct investment inflows to the Philippines starting this year.

She also stated that this will aid the country in maintaining its record-breaking FDI inflows of USD10.5 billion last year.

Plaza is currently in Abu Dhabi, where he is inviting Emirati businessmen to set up shop in Philippine economic zones.

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