Peza approvals as of September surged 33% to P154.7B
Investment approvals by the Philippine Economic Zone Authority (Peza) surged by more than 30 percent in the nine months ending September on strong investor confidence.
In a statement on Tuesday, Peza said it had approved P154.7 billion worth of investments in the January to September period, 33.5-percent higher than the P115.89 billion posted in the same period last year.
“These approvals demonstrate enduring investor confidence in the Philippines. Backed by sustained momentum and robust investment activity, we are on track to attain our P250 billion goal and strengthen our standing as a leading investment destination in Asia,” Peza Director General Tereso Panga said.
“These investments reinforce our position as a premier hub in Asia and affirm that the Philippines is fast becoming the destination of choice for global industries,” Trade Secretary and Peza Chair Cristina Roque added in a statement.
However, the end-September number means that Peza has so far just achieved 61.9 percent of its goal this year of P250 billion.
In the first nine months, Peza said it had approved 215 new and expansion projects that are expected to generate 50,430 direct jobs and $4.49 billion in export revenues.
Of these, P123.79 billion came from 24 big-ticket projects.
The manufacturing sector drove investments in economic zones with 98 projects, followed by the Information Technology and Business Process Management (IT-BPM) sector with 55 projects, and domestic-related activities with 18 projects.
Japan regained its position as the top country investor, accounting for 9.55 percent or P14.78 billion in new and expansion projects.
“Japan’s return as our leading partner reflects the fruit of our investment missions and strong collaborations with stakeholders. With nearly 10 percent of this year’s total project approvals coming from Japanese companies, we see undeniable proof of the Philippines’ standing as a trusted and highly competitive hub in Asia,” Panga said.
