PEZA-approved investments up 54% in Q1
PASAY CITY, PHILIPPINES — The Philippine Economic Zone Authority (PEZA) approved a total of PHP12.537 billion (US$230 million) in investments for the year’s first quarter, up almost 54% from Q1 2022.
Celebrating this news, PEZA Director General Tereso Panga said the investment surge indicates they are on the right track to achieving their 10% target this year.
On March 24, PEZA Board approved about 12 new and expansion projects expected to bring in PHP2.343 billion (US$43 million) worth of investments for the month of March alone.
According to Panga, the board approved 42 new and expansion projects of ecozone locators and developers/operators for Q1, which could then bring more than PHP12 billion (US$221 million) in investments. The 42 projects are 44.83% higher than the 29 projects approved in Q1 2022.
The PEZA Chief added that he is confident they can sustain this growth in the coming months due to the expected arrival of foreign investors.
“The best is yet to come as we further open up the economy and manage the external headwinds.”