The Philippine Economic Zone Authority (Peza) is targeting at least a 15-percent growth in approved investments in 2024 after giving a total of P175.7 billion worth of projects the green light for this year.
“For 2024, we are targeting P202 billion in investments. This is a 15-percent increase over our 2023 investment approvals of P175.7 billion,” Peza Director General Tereso Panga told the Inquirer.
During its final board meeting for the year held last Dec. 19, Tuesday, the Peza approved an additional P15 billion worth of investments, which pushed its full-year portfolio to P175.7 billion.
This marks a nearly 25-percent increase from the P140.7 billion worth of investments approved in 2022.
It also exceeded the agency’s 10-percent growth target for the year.
More than 38,000 jobs are expected to be generated from these new projects.
Panga said they would focus their efforts next year into getting more investments in the electronics sector, information technology services, automotive, electric vehicles, metals, bioplastics, renewable energy, agro-processing and mineral processing.
Peza has seen an increase in yearly investments since 2021, signaling a continued recovery from the impact caused by the global outbreak of COVID-19.
In 2022 alone, approved investments soared by 103 percent from the P69.30 billion recorded in 2021.
The Peza approved P95.03 billion worth of investments in 2020, P117.54 billion in 2019, and P140.2 billion in 2018.