MANILA -The Philippine Economic Zone Authority (Peza) on Friday said its approved investments during the past nine months have more than doubled compared to the same period last year, with more investors looking to expand or set up shop in the country’s economic hubs.
Peza Director General Tereso Panga said approved investments from January to September reached P111.2 billion, marking a 181-percent increase compared to the P39.6 billion recorded during the same period in 2022.
“For the month of September alone, we approved P14.043 billion. And then comparing this to the same period last year, September, P8.5 billion. So, that’s a 65.16 percent increase,” Panga said during a press conference in Quezon City.
Provincial growth
Based on Peza records, most of the investment projects approved this month will be located outside the National Capital Region (NCR).
Of the 27 projects, 24 will be located outside Metro Manila, particularly in the provinces of Laguna, Batangas, Cavite, Cebu, Davao and Occidental Mindoro.
Two of these investment projects are into economic zone development, five are in facilities, 11 in the export sector, five in information technology (IT), two are considered as domestic enterprises, and the remaining two into logistics.
Peza is aiming to grow its investment approvals by at least 10 percent this year.
Its approved investments in 2022 reached P140.7 billion, growing by 103 percent from the P69.30 billion tallied for the full year of 2021.
Approved investments by the investment promotion agency reached P140.2 billion in 2018, P117.54 billion in 2019, P95.03 billion in 2020, and P69.30 billion in 2021.
Aside from growing its investment approvals, the Peza is working toward increasing the number of economic zones in the country.
Earlier in August, the Marcos administration issued three proclamation orders creating three new economic zones in Naga City, Bacolod City, and Dumaguete City.
At least six more Peza economic zones are waiting for a similar proclamation order from Malacanang, new economic hubs which will be established in the cities of Paranaque and Pasig, as well as in Tanza Cavite, Ilocos Sur, and the province of Sarangani.