PEZA approves P14.933 billion investments in May
On track to attain its conservative 10 percent growth target for the year, the Philippine Economic Zone Authority (PEZA) Board has greenlighted 20 new and expansion projects in May expected to bring in P14.933 billion investments.
PEZA Director General Tereso Panga reported, “This brings PEZA’s total approved investments for the Jan-May period to P48.027 billion, which is 153.74 percent higher as compared to the P18.928 billion in the same period in 2022.”
Among these 20 projects approved by the Board last May 26, 11 are into export manufacturing, seven IT, one facilities, and one ecozone development.
These projects will be located in Makati, Pasig, Taguig, Baguio, Pampanga, Cavite, Batangas, Laguna, Cebu, Iloilo, and South Cotabato.
The biggest project pre-qualified by the PEZA Board for FIRB approval is engaged in the manufacturing of solar wafer cells with Maxeon 7 technology to be located in Sto. Tomas, Batangas, with investments worth P11.633 billion.
These projects are expected to generate about $293.55 million exports and create 4,480 direct jobs.
According to Panga, “We are continuously seeing an uptrend with our investment approvals as we enter the first half of the year, and we are more aggressive in our initiatives to help our investors make the Philippines their smart investment choice, taking the cue from President Ferdinand Marcos Jr. who has been most active in promoting the Philippines in his outbound missions.”
PEZA met with Finance Secretary Benjamin Diokno, Commission on Election (COMELEC) Chairman George Garcia, and National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan to discuss the concerns of our investors and present initiatives in support of the investment attraction and facilitation strategy of the government to bring in the much-needed FDIs to the country.
PEZA also discussed with Senator Loren Legarda for creation of more ecozones in Antique and other provinces nationwide to spur countryside development.
“We also signed a Memorandum of Understanding (MOU) with the Department of Information and Communications Technology (DICT) to ramp up digitalization in government to ensure fast and efficient delivery of services to the public and to carry out Trade Secretary Alfredo E. Pascual's directive to adopt digital transformation to boost the country's competitiveness as investment destination particularly for high-tech and innovator accelerator companies,” explained Panga. Corporate Communications Division
