On track to achieve its investment targets for the year, the Philippine Economic Zone Authority (PEZA) Board has greenlighted 102 ecozone developer-locator projects with capital investment of PHP80.585 billion for the first semester of the year.
This is 2.5 times bigger than the investment pledges approved for the same period last year under the Duterte administration.
“We remain optimistic that we will sustain our positive growth trajectory for the 2nd half of the year, given the notable increase in our KPIs on investments, jobs and exports from a more aggressive whole-of-government approach in investment promotion,” PEZA Director General Tereso O. Panga noted.
PBBM First Year
He reported, “For the first year of PFRM administration (July 2022- June 2023), PEZA has by far generated investments of PHP198.796 billion worth of investments from 206 projects, actual direct jobs of 1,805,770 (cumulative), and actual direct exports of USD58.494 billion.
Among the 206 projects, 11 big-ticket projects with minimum PHP1 billion capital investment have also been approved/registered by PEZA during this time. These big-ticket projects with total capital investments of PHP154.966 billion came from the following sectors: ecozone development (PHP119.259 billion), export manufacturing (PHP33.946 billion), and ecozone facilities (PHP1.761 billion).
Panga said, “We continue to contribute to the overall positive performance of the administration and serve as a tool to constantly attract investments in the country and promote the Philippines as an investment haven in Asia.”
PEZA Initiatives
With this, PEZA is ramping up its investment promotion and facilitation initiatives to bring in much-needed foreign direct investments (FDIs) to the country. This is ahead of the anticipated influx of investors to the country as PEZA conducts follow-through on the outbound missions done by the President.
“This June, PEZA welcomed several French, Czech, and Dongguan delegations to the Philippines and facilitated the learning visit and study tour of the Ugandan and Papua New Guinean delegation. PEZA likewise received delegations from China, Taiwan, and Japan in the first semester of the year,” Panga mentioned.
In addition, PEZA is collaborating with various government agencies such Department of Trade and Industry (DTI) and the Department of Labor and Employment (DOLE) for the promotion of industrial peace in the ecozones; and the Bureau of Corrections, Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), Power Sector Assets and Liabilities Management (PSALM), National Commission on Indigenous Peoples (NCIP), Department of Environment and Natural Resources (DENR), and Privatization Management Office for utilization of public lands for ecozone development.
“With the inclusion of the ecozone development program in the country’s medium-term plan (2023- 2028), we aim to develop more ecozones in rural and new growth areas and introduce new frontiers catering to emerging and niche industries,” Panga explained.
To complement this, PEZA is implementing its several automation initiatives pursuant to the call of the President to enhance the ease of doing business in the Philippines.
Panga noted, “We have partnered with the DICT to fast track the implementation of our digitalization and to align with the automation efforts of the whole government. We are strengthening our one-stop-shop services to cater to our agile locators and the changing investment landscape globally.”
“For our part, we shall continue to perform our mandate to contribute to the overall growth of the nation. In keeping with the EO 18 directive of the President, we will implement a whole-of-government approach as we aim promote the Philippines as the enviable investment destination in the region,” he added.
