Peza-approved investments rose more than twofold from Jan to Nov
MANILA -The value of new investments approved by the Philippine Economic Zone Authority (Peza) from January to November grew by more than twofold, reaching P140.884 billion in total as the investment promotion agency moves closer to its annual target.
Data from the Peza released Wednesday night showed it was only P13.82 billion away from its full-year 2023 target of P154.77 billion after recording a growth rate of146.95 percent for the 11-month period.
“With two more board meetings to go, we will surpass our targets for the year with flying colors,” Peza Director General Tereso Panga said during his presentation at the agency’s investors’ night in Pasay City.
Pressed by reporters on the sidelines of the event on the investment pipeline, Panga said they are expecting more than P50 billion worth of investments that they are looking to approve before the end of the year.
Back to peak levels
“If we are lucky enough, this might bring us back to [the] P200-billion to P250-billion level or the 2012 to 2015 peak years of Peza investment approvals,” he told reporters.
Peza-approved investments in 2022 reached P140.7 billion, growing by 103 percent from the P69.30 billion tallied for the full year of 2021.
Moreover, approved investments reached P140.2 billion in 2018, P117.54 billion in 2019, and P95.03 billion in 2020.
The Peza currently has 422 operating economic zones across the Philippines, majority of which—or 297 to be exact—are in Luzon, while another 84 are in Visayas and the remaining 41 in Mindanao.
Panga also said that they are pushing for the creation of new types of economic zones such as aerotropolises, agro-forestry economic zones, aquamarine parks, biotech centers, defense industrial complexes, e-commerce zones, halal and food production hubs, and jewelry parks.
Also included in the Peza’s list are knowledge, innovation, science and technology parks, mineral processing zones, pharmaceutical zones, and renewable energy parks.