The Philippine Economic Zone Authority said over the weekend it approved P39.6 billion worth of investments from January to September, down by 22.59 percent from P51.2 billion registered in the same period in 2021.
PEZA officer-in-charge Tereso Panga said despite the slower investments, the agency would strive to be a key contributor to the country’s economic growth.
“We in PEZA assure the new administration that we can attract more investments for this last quarter of the year given the positive growth rate forecast of the ecozone semiconductor-electronics and IT sectors, the aggressive investment promotions by the President and upcoming missions to Taiwan, South Korea and Japan. Now is the best time to invest as incentives had been boosted along with top-level political support to ecozones,” Panga said.
PEZA approved 148 new and expansion projects in the first nine months of 2022, with several more projects up for approval in the fourth quarter.
The PEZA board approved 58 new and expansion projects amounting to P17.142 billion worth of investments in the third quarter. Once implemented, the projects would generate about $877.807 million in exports and open up 13,904 new jobs.
