P6.39B in projects approved by PEZA

THE Philippine Economic Zone Authority (PEZA) approved investments worth nearly P6.4 billion in January, almost double from a year earlier, for a strong start to 2023.

The investment pledges were 83.7 percent higher compared to the P3.48 billion recorded in January 2021, the agency reported on Wednesday.

“The PEZA board approved a total of 19 new and expansion projects of ecozone locators and developer/operators expected to bring in P6.393 billion in investments,” PEZA Officer in Charge Tereso Panga said.

The launch of the 2023-2026 Philippine Development Plan (PDP), he added, is expected to lead to the establishment of more economic zones and increased investments.

A P4.116-billion ecozone development project by MJ Landtrade Development Corp. accounted for the bulk of January’s investment approvals.

The remaining P2.277 billion, meanwhile, involve 18 new and expansion projects of registered locators, of which 11 will be for export manufacturing enterprises, four for facilities enterprises, two involving information technology and one domestic market enterprise.

The projects will be located in Makati City, Pasay City, Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon), Cebu City and South Cotabato.

“With the positive start of the year, we are bullish with our outlook this year, targeting a 10-percent investment growth based on the initial locator sector targets,” Panga said.

The agency approved 198 projects worth a total of P140.7 billion last year, exceeding its target by 103.03 percent.

A total of 1,850,842 direct jobs and $54.239 billion in exports were also generated as of October last year, it said last month.

The PEZA is mandated under the PDP 2023-2028 to accelerate the implementation of the

ecozone development program.

“More than ever, we commit to strengthen our investment promotion and facilitation efforts by remaining true to our mandate and aggressively promote the Philippines as an investment haven in Asia,” Panga said.

During the PDP launch on Monday, Philippine Chamber of Commerce and Industry President George Barcelon said that local governments should emulate the PEZA.

“I think our solution is for the local governments to have the DNA of PEZA,” he said, as the agency is favored by investors given the clarity of its rules.

“If you’re talking about growth, inclusivity for the country, the growth should be throughout the Philippines, and I think the local government plays a key role in making things easy for people who want to invest in the area of their jurisdiction,” Barcelon added.