PEZA posts hike in investment approvals for Q1
MANILA — The Securities and Exchange Commission (SEC) wants to instill sustainability into the business practices of not only big companies but also the small and medium enterprises.
PEZA has approved a total of 50 projects for the first quarter of 2024, which are expected to bring in US$ 616.59 million in exports and to employ 11,558 people.
The 50 projects are into export manufacturing (29), IT-BPM (13), logistics (3), facilities (3), domestic market (1), and ecozone development (1).
Majority of these projects will be in Quezon, Taguig and Makati Cities, CALABARZON, Bataan, Pampanga, Cebu, Albay, and Cagayan De Oro. Meanwhile, top investments came from Cayman Islands, Hong Kong, Singapore, Philippines, and Japan.
PEZA Director General Tereso Panga noted, “We are positive that we will see a continuous upward trajectory with our aggressive investment promotion and facilitation as President Ferdinand Marcos Jr. strengthen our bid to position the Philippines as the preferred investment destination in Asia, complemented by PEZA’s targeted and aggressive approach in investment promotion.”
Specifically for the month of March, the PEZA Board approved a total of 22 new and expansion projects expected to bring in P2.85 billion. This is 21.8% higher than the P2.34 billion approved from 12 projects in
March 2023.
In terms of exports and employment, the projects are seen to bring in US$ 363.78 Million exports and create 7,978 jobs.
Among the 22 projects, 13 are into export manufacturing, six into IT-BPM, two for facilities, and one for logistics.
CALABARZON remains the top destination region for March-approved projects both for new and expansion projects, with others choosing Taguig City, Quezon City, Pampanga, and Cebu.
Expressing confidence in hitting PEZA’s targets this year, the PEZA Chief noted that “PEZA is right on track and will ride the wave of the President’s business-friendly stance, the country’s renowned sound fiscal management and solid economic fundamentals, and this administration’s whole of government approach in investment promotion led by no less than the President, through Special Assistant to the President for Investments and Economic Affairs (SAPIEA) Secretary Frederick D. Go and Trade Secretary and PEZA Board Chairman Alfredo E. Pascual and his very abled economic team.”
“PEZA is more than encouraged to sustain its growth momentum this year and onwards given the very positive investment climate statement recently issued by the US International Trade Administration and Bloomberg International, saying that business environment is notably better particularly within the PEZA special economic zones and that PEZA is a unique factor for the Philippines in terms of FDI attraction,” expressed DG Panga.
For the coming months, PEZA will be conducting a follow-through on the pledges obtained by the Philippines during the President’s official state visits and likewise attract the untapped strategic sectors that will be vital in the country’s economic growth and development.