Peza poised to clear P205-B investments this year

Philippine Economic Zone Authority (Photo from PEZA/Facebook)

The Philippine Economic Zone Authority (Peza) is projecting the value of approved investments this year to reach at least P205 billion, cementing its record-breaking performance this year.

Peza Director General Tereso Panga told the Inquirer the projected value, when asked if they would green-light any more investments this month.

“There will be another [board meeting] on Dec. 17, our last board meeting for the year,” Panga said in a Viber message.

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Earlier this week, the government investment promotions agency announced that the value of approved investments had soared to P201.55 billion from January to November, the highest in seven years.

It is also higher by 43.06 percent compared with the year-ago level.

Last year, Peza approvals reached P175.7 billion in value, marking a 24.9 percent increase from the P140.7 billion it recorded in the previous year.

Approved investments reached P69.3 billion in 2021, P95.03 billion in 2020, P117.54 billion in 2019 and P140.2 billion in 2018.

Peza said that approvals from January to November had consisted of 239 new and expansion projects.

The projects are expected to generate over $3.9 billion in export revenues and create 70,000 direct jobs.

“This only proves that investor confidence in the Philippines and in Peza continues to thrive due to the government’s investor-friendly policy direction partnered with the ease of doing business inside our zones,” Panga said in a recent statement.

For November alone, Peza approved 17 projects with estimated P15.45 billion worth of investments.