Philippine Economic Zone Authority
The Philippine Economic Zone Authority (Peza) approved P14.93 billion worth of investments in May, with the lineup led by the P11.63-billion project by the United States-based solar technology firm Maxeon, which manufactures solar wafer cells.
Data from the Peza released on Monday showed that its approved investments during the month soared by 405.78 percent compared to the P2.95 billion that was recorded in the same month in 2022.
“This brings Peza’s total approved investments for the January to 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,” Peza Director General Tereso Panga said in a statement.
These investments span 20 new and expansion projects, 11 of which are in the export manufacturing sector, seven in information technology, one in the facilities sector and another one in economic zone development.
New wave
These projects will be located in Makati, Pasig, Taguig, Baguio, Pampanga, Cavite, Batangas, Laguna, Cebu, Iloilo and South Cotabato, according to Peza.
This new wave of investments approved in May is expected to create 4,480 new jobs and $293.55 worth of exports, added Peza.
“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 Marcos who has been most active in promoting the Philippines in his outbound missions,” Panga said.
The Peza had a strong second quarter start, approving P20.56 billion worth of investments in April, which amounted to a 162.37-percent increase compared to the same month in 2022.
During the first quarter of 2023, Peza-approved investments reached P12.53 billion, growing by 54 percent and bouncing back from last year’s 68 percent plunge as the Russian occupation of Ukraine blew up during the first three months of 2022.
On track
For the whole of 2022, the Peza saw its investments portfolio grow by more than two-folds compared to the previous year, arresting at least four years of decline.
Peza’s approved investments in 2022 reached P140.7 billion, growing by 103 percent compared with the P69.30 billion in 2021.
Approved investments stood at P95.03 billion in 2020, P117.54 billion in 2019, and P140.2 billion in 2018, according to records from the Peza.
With the current investment path, the Peza said that it was on track to attain its conservative 10-percent growth forecast for the whole of 2023. INQ