The Philippine Economic Zone Authority (PEZA) aims to achieve a minimum of 15% growth in approved investments for the year 2024. PEZA Director General Tereso Panga stated that the target for 2024 is PHP 202 billion (USD 3.6 billion), representing a 15% increase from the 2023 approved investments of PHP 175.7 billion (USD 3.1 billion). In the final board meeting held on December 19th, PEZA greenlit an additional PHP 15 billion (USD 268.2 million) in investments, bringing the full-year portfolio to PHP 175.7 billion (USD 3.1 billion). This marks a nearly 25% rise from the PHP 140.7 billion (USD 2.5 billion) approved in 2022, surpassing the agency’s 10% growth target for the year.
The approved projects are expected to generate over 38,000 jobs. The PEZA Director General emphasized that the focus in the coming year will be on attracting more investments in various sectors, including electronics, information technology services, automotive, electric vehicles, metals, bioplastics, renewable energy, agro-processing, and mineral processing. PEZA’s consistent yearly increase in investments since 2021 indicates ongoing recovery from the impact of the global COVID-19 outbreak.
(Source: Philippine Daily Inquirer)
