PEZA investments jumped 59.1% in H1, hit P72.36B
The Philippine Economic Zone Authority (Peza) ended the first half on a high after approving P72.36 billion worth of investments, a 59.1-percent surge from the P45.48 billion recorded in the same period last year, thanks to promotion efforts and reforms.
In a statement on Wednesday, Peza also said it approved 133 projects in the first six months of the year, 10.83-percent more than the 120 approved last year.
These are expected to add 32,983 direct jobs for Filipinos and generate $1.26 billion in export revenues.
Of those approved, 55 new and expansion projects came from the manufacturing sector and 39 from the Information Technology and Business Process Management (IT-BPM), while 12 were domestic-oriented firms.
In terms of location, 68 of the projects will rise in Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon); 20 will be located in Central Visayas, while others are spread out across the country.
Global hub
“We are reaping the fruits of our aggressive promotion efforts, investor-centric reforms, and continued commitment to making the Philippines a competitive and resilient hub for global industries,” Peza Director General Tereso Panga said.
The approved projects in the first half include eight big-ticket projects worth P50.89 billion.
South Korean firms emerged as the biggest investors, followed by the Americans, Chinese, Dutch and Japanese.
“The confidence shown by both new and existing investors is a strong signal that our ecozones are thriving and open for business,” Panga added.
Panga said the Philippines was in a “sweet spot” to attract foreign direct investments as it is pursuing over 50 investment leads through robust investment promotion campaigns.
The robust first-half performance bolstered Panga’s hopes that the agency would achieve its target of attracting at least P235 billion in new investments.
Peza noted that it welcomed high-level inbound delegations representing the United States, China, Japan, Spain, Germany, Hong Kong, Taiwan, Singapore, Malaysia, the United Arab Emirates, as well as domestic exploratory missions within the country.
