P22.8B Peza investments okayed in Feb
The Philippine Economic Zone Authority (Peza) has approved P22.77 billion worth of investments in February– projects that are expected to create 7,793 new jobs and $241.79 million worth of goods for export each year.
Peza, one of the investment promotions agencies of the Department of Trade and Industry, said this was equivalent to a 130.5-percent growth in value versus P9.88 billion worth of projects approved in February 2024.
“Peza’s rising investments reflect its dedication to supporting various sectors and propelling the country’s economic progress,” Peza director general Tereso Panga said in a statement on Tuesday.
“By attracting projects from priority industries, such as emerging technologies in the (Electronics Manufacturing Services and Semiconductor Manufacturing Services) sector, and fostering strategic collaborations with the pharmaceutical industry among others, Peza continues to draw investments that stimulate regional economic growth and advance the nation’s industrial landscape,” he added.
The list of investments approved at Peza’s board meeting on Feb. 20 consisted of 26 new and expansion projects.
These included nine projects in the manufacturing sector, eight in information technology and business process management, three in domestic market industry, two in facilities and four in economic zone development.
Peza said that two major ventures were set to generate P15.99 billion in combined investments in its upcoming projects in Tarlac and Batangas.
The February posting brought the overall value of the approved investments so far this year to P52.93 billion, indicating an even higher growth rate of 337.58 percent compared with the P12.097 billion tallied during the first two months of 2024.
The value of Peza-approved investments reached P214.176 billion last year, marking a 21.89- percent increase from the P175.70 billion recorded in 2023.
Approved investments reached P140.7 billion in 2022, P69.3 billion in 2021, P95.03 billion in 2020, P117.54 billion in 2019 and P140.2 billion in 2018.
Investments registered under Peza economic zones enjoy a number of fiscal and non-fiscal incentives, including income tax holidays, special corporate income tax rates, or enhanced deductions, among others.
