Investments pledges received by the Philippine Economic Zone Authority soared 332 percent in the first seven month of 2023 to P97.16 billion from P22.48 billion in the same period in 2022.
PEZA director-general Tereso Panga said the new investments were projected to yield $747 million in exports and generate 18,407 new jobs.
“Among the bright prospects for the Philippines and the ecozones include our 6 to 7 percent GDP growth target, our ascension to RCEP [Regional Comprehensive Economic Partnereship] and other FTAs [free trade agreements], the 5 to 15 percent annual growth target by the industries, the Marcos administration’s efforts to increase our credit rating and our aggressive investment promotions,” he said.
Data showed that in July, investments from 15 new and expansion projects amounted to P16.57 billion with projected export values of $419.5 million and employment opportunities of 2,983 jobs.
Panga said PEZA was counting on the Office of the President to approve new and expanding economic zones. The OP approved on July 25 three new economic zone projects with combined investments of P750.38 million.
“We remain committed in our overarching goal of spurring countryside development through the creation of more ecozones seen to facilitate growth and development of our regions and attract new and strategic investments in the country,” Panga said.