The Philippine Economic Zone Authority (PEZA) has approved P39.63 billion investments from 148 new and expansion projects in the first nine months of 2022, the agency said in a statement.
This boosts optimism PEZA will hit its target of a 6 to 7 percent increase in investments for the year.
Tereso Panga, PEZA officer-in-charge, said the optimism takes into consideration the firm growth forecasts for 2022 of the agency winner ecozone sectors of 10 to 15 percent by the Information Technology Business Processing Association of the Phillippines and 10 percent by the Semiconductor and Electronics Industries of the Philippines Inc.
“These bright outlooks are aligned with the calibrated yearend GDP growth for the Philippines at 6.5 to 7.5 percent, which makes the country among the fastest growing economies in the region,” Panga said.
According to PEZA, it closed 20 big-ticket projects (with minimum P1 billion capital per project), including those from Cebu Mitsumi Inc., Robinsons Land Corp., and TDK Philippines Corp., that are expected to bring P24.758 billion worth of investments, $654.34 million of exports and 9,649 direct jobs.
These investments are in manufacturing of various products including SMS/EMS; accommodation; real estate; office administrative, business support activities. among others.
In the third quarter alone, PEZA said it approved 58 new and expansion projects expected to bring in P 17.14 billion worth of investments, $877.807 million of exports and create 13,904 jobs.
Among the approved new and expansion projects, 21 are export enterprises; 19 information technology (IT) projects; seven are zone facilities, and three are tourism ventures.
PEZA said eight ecozone development projects meant to boost countryside developed were approved during the period: four manufacturing ecozones in Cavite, Batangas, Bulacan, and Pampanga; two IT parks in Iloilo and Davao; and two agro-industrial zones in Iloilo. – Irma Isip
