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Wednesday, April 17, 2024

Investment pledges in economic zones likely to rise over 100% — PEZA

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Investment pledges at economic zones are expected to reach P140.88 billion in the first 11 months of 2023, up by 146.95 percent from P58.7 billion in the same period last year, according to the Philippine Economic Zone Authority (PEZA).

PEZA director-general Tereso Panga expressed optimism the investment promotion agency would surpass its self-imposed targets for the year, including investments and exports.

“We are positive that the country’s economic zones will prosper with the highest GDP [gross domestic product] growth among countries in the ASEAN for 2023 to 2024, making it one of the best performers in the region,” Panga said during the agency’s annual Investors’ Night on Nov. 22, 2023 at the World Trade Center (WTC).

PEZA said exports from the 422 economic zones across the country would likely sustain their growth this year.

The agency said that as of September 2023, exports of goods and commodities from economic zones increased to $54.54 billion from $31.41 billion a year ago. Total PEZA exports in 2022 amounted to $44.3 billion.

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Ecozone exports accounted for 57.6 percent of the total Philippine merchandise exports in the first nine months.

PEZA also accounted for the biggest share in the total foreign investment commitments in the third quarter.

Foreign investment pledges approved by investment promotion agencies (IPAs) reached P27.3 billion in the third quarter, up by 109.3 percent from P13.05 billion a year earlier. PEZA accounted for P18.33 billion or about 67.1 percent of the total foreign direct investment (FDI) commitments.

Other IPAs include the Board of Investments (BOI), Subic Bay Metropolitan Authority (SBMA), Clark Development Corporation (CDC), Authority of Freeport Area of Bataan (AFAB), Aurora Pacific Ecozone and Freeport (APECO) and Cagayan Economic Zone Authority (CEZA).

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