BIZ BUZZ: Boost in Peza’s approvals seen

At least another P55.7 billion worth of investments are expected to be approved by the Philippine Economic Zone Authority (Peza) during its board meeting today.

This is according to two well-placed sources in the government investment promotion agency who told Biz Buzz about the pipeline of investments that will be discussed in the meeting.

As of its last board meeting last month, Peza has approved P61.69 billion worth of investments, business ventures that are expected to create 31,827 new jobs.

Earlier this year, Peza Director General Tereso Panga said they aim to approve at least P200 billion worth of investments for 2024.

Last year, Peza approvals reached P175.70 billion in value, marking a 24.9-percent increase from the P140.7 billion it recorded in 2022.

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Approvals stood at P69.30 billion in 2021, P95.03 billion in 2020, P117.54 billion in 2019 and P140.2 billion in 2018.

The PEZA still has some catching up to do to reach its target, but hopes are high that it has enough time to pull through with its vision given there is still a little over a quarter left in the year.