PEZA surpasses 2022 targets, investments grow by 103%
PASIG, PHILIPPINES – The Philippine Economic Zone Authority (PEZA) reported that it surpassed its 6 to 7 per cent targeted investment growth for 2022.
According to PEZA that it had approved 198 projects which are expected to bring in P140.7 billion worth of investments this year.
“We are proud to report that PEZA has approved a total of 198 projects from January to December 2022 which are expected to bring in P140.7 Billion worth of investments. This is a 103.03% increase compared to the same period last year,” said PEZA OIC Chief Tereso O. Panga on Monday.
PEZA also reported that it was able to create 1,850,842 direct jobs as of October 2022.
“Despite the 29.85% decline in the first semester of the year 2022 compared to the first semester of 2021, we never lost hope that we will recover. With the big-ticket investments that were prequalified by the Board for endorsement to the FIRB, we were able to record a positive increase in investments in 2022,” stated Panga.
He explained, “At the rate we are going now, PEZA has achieved this year the level of annual investments approved in 2018. That means that the country’s ecozones and high-performance investments are back to the pre-pandemic, even surpassing the 2018 level. Indeed, the economic and political climate are improving under the PBBM administration and we hope to sustain very good performance as we prepare for the upturn in the economy and our transition to upper-middle income status.”
The P140.7 Billion investment approval of PEZA in 2022 exceeds its four-year annual performance with P140.2 Billion last recorded in 2018 followed by a constant yearly decline in investments until 2021 due to the pandemic, Russia-Ukraine war, and the ensuing global supply chain disruptions.
The PEZA interim chief noted that “With the increasing GDP growth rate of the Philippines, we can expect more FDIs to register with PEZA. What is important is we keep building and sustaining the confidence of investors and the country’s competitiveness in investment promotions and facilitations.”
