The Philippine Economic Zone Authority (Peza) reported it has approved in January 19 new and expansion projects that are expected to bring in P6.39 billion in investments.
According to Peza Officer-in-Charge Tereso O. Panga, this is 83.69 percent higher than the P3.48 billion investments approved in the same period last year.
The IPA said P2.277 billion of investments were approved for the 18 new and expansion projects of registered locator companies. Of these, 11 are for export manufacturing enterprises; four for facilities enterprise; two for IT enterprise; and one for domestic market enterprise.
Meanwhile, Peza said, an economic zone development project was approved and is expected to bring P4.116 billion investments. This particular ecozone project, Peza said, is an IT Center that will rise in Makati City.
The mentioned projects will be located in Makati City, Pasay City, Calabarzon, Cebu City, and South Cotabato.
“With the positive start of the year, we are bullish with our outlook this year, targeting a 10 percent investment growth based on the initial locator sector targets,” Panga said.
In relation to this, Peza has vowed to strengthen the implementation of the ecozone development program with the launch of the new Philippine Development Plan (PDP) 2023-2028 last January 30.
“With the inclusion of the ecozone development program in the new Philippine Development Plan, we are positive that more ecozones will be approved and created especially in the countryside,” Panga said.
The Peza interim chief stressed that economic zones can be “shields to soften the landing of the headwinds, the external constraints, and all these global disruptions happening especially during this time.”
According to the PDP 2023-2028, ecozones will be integrated into the local economy by relaxing the requirements, facilitating the free flow of parts, components, and other inputs, and increasing open trade between zone locators and firms outside the zones.
Meanwhile, at the recently held Philippine Development Forum 2023-2028, Philippine Chamber of Commerce and Industry (PCCI) President George T. Barcelon hailed Peza, noting that the country’s local government should adopt the “DNA” of the IPA to attract more investments throughout the Philippines.
From January to December 2022, the Peza surpassed its 2022 target. The IPA reported in December that it had approved 198 projects within the said period last year, which, it said, are expected to bring in P140.7 billion worth of investments in the country. Panga said this is a 103.03-percent increase compared to the same period in 2021.