PEZA bullish on record-high P320 billion investment approvals

In the Philippines, the Philippine Economic Zone Authority (PEZA) is optimistic about achieving a record-high of P320 billion in investment approvals for the year. As of October, PEZA has already approved P309.63 billion worth of investments, marking a 77 percent increase compared to the previous year. PEZA Director General Tereso Panga revealed that the agency is working towards surpassing the previous record of P312 billion investments set in 2012.

With two more board meetings to discuss and approve investments, Panga believes that the P312 billion figure is achievable. PEZA-approved investments often include incentives such as income tax holidays for both foreign and local firms. Panga expects the total PEZA investments for the year to reach between P315 billion and P320 billion, including recently approved projects.

He also anticipates another major investment to be registered within the year. Looking ahead to next year, Panga aims to maintain this investment growth trend, targeting similar levels of approval even as the Philippines aims for a GDP growth rate of 5 to 6 percent in 2027. Additionally, PEZA anticipates proclaiming 20 new economic zones by the end of the year, with around 17 to 18 zones already approved this year.

Panga also expects more ecozones to be developed in manufacturing regions like Calabarzon, Ilocos, and Pampanga, and is optimistic about receiving applications for information technology parks in Metro Manila following the recent lifting of the moratorium. PEZA's ultimate goal is to establish around 30 new ecozones this year.