THE Philippine Economic Zone Authority (PEZA) on Thursday said it had exceeded its P300-billion investment target this year and was on track to surpass the record P311.9 billion set in 2012.
Investment approvals reached P309.63 billion as of its latest board meeting in October, up 76.56 percent from P175.37 billion in the same period last year.
The approvals cover 240 new and expansion projects expected to generate $9.12 billion in exports and 38,815 direct jobs.
“Surpassing our P300-billion investment target ahead of year-end reflects the confidence investors continue to place in the Philippines,” PEZA Director General Tereso Panga said.
PEZA said sustained investor interest would help it beat the record set during the administration of then-president Benigno Aquino III.
The approved projects span manufacturing, information technology and business process management, facilities, ecozone development, logistics, domestic market enterprises, utilities and tourism.
Taiwan, the Netherlands, South Korea, Singapore and Indonesia were the leading sources of foreign direct investments in Philippine economic zones.
“These results show that the Philippines can capture a larger share of global investment as companies look for competitive production and export locations,” Panga said.
He added that international partnerships and improvements in the ease of doing business could strengthen local supply chains, support technology transfer and create more opportunities for local businesses.
In October alone, the PEZA board approved 18 new and expansion projects worth P12.49 billion, expected to generate $178.2 million in exports and 5,484 direct jobs.
Eight projects will be located in Calabarzon, six in the National Capital Region, two in Cebu, and one each in Central Luzon and Iloilo.
PEZA said it would continue working with existing locators and potential investors to address operational and regulatory bottlenecks, and help businesses maintain and expand their Philippine operations.
The priority is to sustain the momentum and turn investment commitments into operating projects that would boost exports and create jobs, Panga added.
