THE Philippine Economic Zone Authority (PEZA) said it approved P201.551 billion worth of investment applications in the first 11 months, surpassing the agency’s target for the full year.
PEZA issued the statement on Monday following a board meeting on Nov. 29 at the Cavite Economic Zone.
“As expected, investment approvals would pick up in the last quarter of the year,” PEZA Director General Tereso O. Panga said.
“So far, we have achieved P201 billion, with one more board meeting left in December,” he added.
He said that numbers reflect investor confidence in the Philippines and in PEZA due to the government’s investor-friendly policy direction partnered with the ease of doing business inside economic zones.
The first eleven months of approvals were up 43.06% compared to the same period last year.
It is also 14.7% higher than the full-year investment approvals target of P175.71 billion.
The approvals consist of 239 new and expansion projects, which are expected to generate $2.9 billion in potential export revenue and more than 70,000 jobs.
At the board meeting, PEZA approved 17 new and expansion projects worth P15.453 billion. These are expected to generate $467.516 million in exports and 9,957 jobs.
“With this, the total for November approved new and expansion projects reaches 41, with a combined investment of P77.794 billion,” PEZA said.
“These projects are expected to drive $831.019 million in exports and create 30,623 direct jobs,” it added.
Of the recently approved projects, 10 are export manufacturers, four are in the information technology and business process management industry, two involve facility development, and one is an ecozone development project.
“They are distributed across the regions of Calabarzon, Region 3, and Central Visayas: four in Batangas, four in Laguna, four in Cebu, two in Cavite, and one each in Rizal, Pampanga, and Negros Oriental,” PEZA said.
“This distribution highlights the regional spur of the projects, contributing to economic growth across various provinces,” it added. — Justine Irish D. Tabile