The Philippine Economic Zone Authority (PEZA) is confident of hitting its P200-billion investments target this year with the expected enactment of the CREATE More( Corporate  Recovery and Tax Incentives for Enterprises Maximize Opportunities for Reinvigorating the Economy) bill.

“PEZA’s P200 billion yearend target is within reach. I believe  the ratification of CREATE More will open the flood gates of investments as it puts in parity our benefit packages with that of (the Philippines’ competitors like Vietnam, Indonesia and Thailand,” said Tereso Panga, PEZA director-general, in a statement over the weekend.

As of August, PEZA investments stood at P62 billion.

“Looking at the numbers, I would see it as half full rather than half empty. The situation is quite similar to last year where the bulk of investments in PEZA were generated in the last three months of 2023,” Panga said.

He added: “With the impending passage of the CREATE More bill, we remain hopeful more investors will register their projects with PEZA and other IPAs (investment promotions agencies),” said Panga.

He said this is in preparation for the expected upturn particularly in the global electronics industry including demand for electronics products especially telephony and other consumer electronics and electric vehicles.

Panga said PEZA has outbound trips set for the rest of the year in Taiwan and Japan  and concluded one in Singapore last week.  

“These will generate more foreign direct investments that will make us meet our targets,” he said.

In Singapore where Panga was a panelist at the  Philippines-Singapore Business and Investment Summit (PSBIS)  C-Suite Conversations, he was asked  how PEZA is planning to attract energy-intensive investments such as those in the semiconductor and EV manufacturing industry, which are seen as the most promising and high-impact sectors, particularly in Asean.

Panga replied that  industrial power rates in some of its zones that are notably lower than the average cost of power in the country and can even approximate the subsidized power rates of Asean competitor economies.

“We are aware of the requirements of these strategic investments, and I say that our ecozone model is ready to address its most pressing need to have access to clean, stable, and cost-competitive energy sources,” Panga said.

On the sidelines of PSBIS, Panga met with the officials of Hi-P Singapore  and ST Engineering  as well as the Agency for Science, Technology, and Research, a statutory board under the Ministry of Trade and Industry of Singapore.

The congressional bicameral conference committee has approved the CREATE More bill.