Philippine Economic Zone Authority (Photo from PEZA/Facebook)
The Philippine Economic Zone Authority (Peza) on Friday said it has greenlit P9.24 billion worth of investments for the month of August so far, projects that are expected to generate $264.783 million in exports and create 4,265 new jobs.
The Peza said these investments were approved last August 7 during its board meeting, with more projects under assessment and will be discussed in another meeting scheduled on August 27.
These approved investments include a roster of 24 new and expansion projects, according to the investment promotions agency.
READ: Peza OKs P15B worth of new investments
Fourteen of the projects are in export manufacturing, four in IT-BPM, two in facilities development, one engaged into the domestic market, and the remaining three into ecozone development.
This roster of new investments pushes Peza’s year-to-date approvals to a total of 144 projects worth P54.72 billion, as well as the employment generation prospect to 29,524 jobs.
Peza director general Tereso Panga highlighted the significance of this continuous rise in jobs, which his office said exhibits a 60.4 percent increase comparing the numbers during the seven-month period from a year ago.
“The continuous rise in the number of new and expansion projects signify the international arena’s confidence in the Philippines’ business environment and economic potential,” Panga said in a statement,
“Moreover, our proactive efforts in establishing the country’s place as the go-to investment hub in the region plays a vital role in the ceaseless cycle of employment generation for our fellow Filipinos, paving the way for a better and brighter future not only for their families, but also for the nation’s success,” he added.
The Peza is targeting to approve at least P200 billion worth of investments this year.
Last year, investments approved by the Peza reached P175.70 billion in value, marking a 24.9 percent increase from the P140.7 billion it recorded in 2022.
Its approved investments reached P69.30 billion in 2021, P95.03 billion in 2020, P117.54 billion in 2019, and P140.2 billion in 2018.
READ: Peza unfazed by low investment turnout in first half
Investments registered under Peza’s economic zones enjoy a number of fiscal and non-fiscal incentives depending on the location and the nature of business.
Fiscal incentives for exporters include an income tax holiday of 4 to 7 years, as well as a special corporate income tax rate of 5 percent or enhanced deductions for 10 years.
Meanwhile, domestic market-focused enterprises are given an income tax-holiday of 4 to 7 years or enhanced deductions for 5 years.