The Philippine Economic Zone Authority (PEZA) aims to return to its peak performance registered between 2012 and 2015 as it aims to hit P250 billion in investments this year.
Tereso Panga, PEZA director-general, said the agency ended 2023 with P175 billion in investment registration, a five-year high, and 10 percent more than target for the year.
“The strategic focus for 2024 revolves around an aggressive approach to acquiring investments, cultivating a sound business environment that supports investor growth, championing ease of doing business, and fostering vertical supply and global value chains that align with Asean and global partners,” Panga said.
Panga said PEZA will tap into promising sectors and innovations such as advanced manufacturing, electric vehicle production, frontier technologies, regenerative agriculture and blue resources, green ores processing, renewable and alternative energy, and eco-industrial park and smart township development.
He added PEZA will explore new trade and investment areas like Canada, South Korea, Australia, the Middle East, the European Union, and China to complement the steady sources of ecozone foreign direct investments from Japan, the United States, Netherlands, United Kingdom and Singapore.
Panga said PEZA’s initiatives include the introduction of innovative information technology solutions and the development of modern infrastructure and transport system, strategically overcoming archipelagic challenges.
He said PEZA will continue to accelerate countrywide economic development by encouraging investments in the establishment of ecozones.
“More ecozones mean more businesses and more employment and improved quality of life for Filipinos across the Philippines. Our reinvigorated mission and mantra will be eco-zoning the Philippines to towards inclusive and sustainable development,” Panga added.
He continued: “As we set a higher level of ecozone management and provide new avenues of growth for current and prospective investors with various types of ecozones, even a mega ecozone, we will see more businesses landing on our shores.”
