Peza OKs 12 investments projects worth P2.21B

MANILA  —The Philippine Economic Zone Authority (Peza) on Thursday said they approved 12 new and expansion projects worth P2.21 billion during their first board meeting this year.

During the meeting held in January, the board approved the registration of seven export enterprises, four information technology companies and one facilities enterprise.

“We are proud to have closed more than P2 billion worth of investments in the first month for 2024, and confident (of) securing more investments which are already in Peza’s pipeline and waiting for approval in the coming months,” Peza Director General Tereso O. Panga said in a statement.

READ: Peza taps RCBC, Sumitomo for investment promotion

The approved investment commitments are expected to generate $69.62 million in export revenues and create 1,337 new jobs.

These new and expansion projects will be located in the provinces of Cavite and Laguna, as well as in Quezon City, Taguig and Makati, according to Peza.

15% growth in investments

For 2024, the Peza is targeting at least a 15-percent growth in approved investments from P175.7 billion in 2023 to P200 billion.

READ: Peza eyes 15% increase in approved investments for 2024

In 2022, the Peza-approved investments soared by 103 percent to P140.7 billion from the P69.30 billion it tallied in 2021.

The investment promotion agency approved P95.03 billion worth of investments in 2020, P117.54 billion in 2019, and P140.2 billion in 2018.