PEZA updates investment projection, raises rate to 7-8%
The Philippine Economic Zone Authority (PEZA) has revised its investment approval growth projection from six per cent to between seven and eight per cent for the full year of 2022.
In an interview with ABS-CBN News Channel, PEZA Director-General Charito Plaza said that the new growth outlook is due to the “new laws and aggressive marketing promotion of the Philippines to become an investment haven in Asia.”
Last year, the investment promotion agency approved a total of PHP69.3 billion (US$1.34 billion) worth of project registrations that is expected to create 35,245 jobs once fully operational.
Plaza added that with the amendment of three key economic legislations in the country — namely the Retail Trade Liberalization Act, Foreign Investment Act, and Public Service Act — foreign direct investment inflows could start coming in easily in the Philippines.
The PEZA chief added that this would not only benefit the country, but will also help in sustaining its record-high FDI inflows of US$10.5 billion in 2021.
Currently, Plaza is in Abu Dhabi, United Arab Emirates to invite local businesses in establishing an operation in economic zones in the Philippines.
