Peza’s 2023 investment goal within reach

MANILA  -The Philippine Economic Zone Authority (Peza) over the weekend said it was on track to meet its P154-billion target for investment approvals this year, banking on several big-ticket projects in the pipeline, which are seen getting approved during the last two remaining months of the year.

Peza Director General Tereso Panga told the inquirer that there were still several investments up for approval in November and December, projects which are in the field of electronics, metal fabrication, electric vehicle, plastic polymers, power and data centers, and economic zone development.

“We are confident that we will be able to attain our conservative growth target of 10 percent or P154.7 billion,” he said.

The Peza official said they had already met 85 percent of its target as of October, with the value of investment approvals during the 10-month period already at P131.76 billion.

READ: PEZA-approved investments rise over threefold

“We have a loyal base of current locators with some that have already expanded their investment projects this year. With the President actively promoting our country plus the aggressive whole of government approach to acquiring new investments we will see new investments coming in and pledges being realized,” he said further.

New and expansion projects

Approved investments by the investment promotion agency grew more than threefold from January to October compared to the P39.632 billion worth of projects greenlit by the investment promotion agency during the same period in 2022.

These investments span 169 new or expansion projects, most of which are in the export-manufacturing industry.

Peza is projecting 28,521 new jobs to be created from all of these investments approved, as well as $3.03 billion worth of exports resulting from their operations.

READ: 2022 Peza investment registration exceeds goal

In 2022, Peza investment approvals reached P140.7 billion, growing by 103 percent compared with P69.30 billion tallied in the previous year.

Its approved investments stood at P95.03 billion in 2020, P117.54 billion in 2019, and P140.2 billion in 2018. INQ