MANILA: The Philippine Economic Zone Authority (PEZA) has approved PHP14.95 billion in investments from January to March 15, PEZA Director General Tereso Panga said on Saturday.

At a news forum in Quezon City, Panga said it is higher by 19.25 percent from the PHP12.53 billion approved during the same period in 2023.

He said PEZA approved an additional PHP2.85 billion as of March 15, also up by 21.8 percent compared to the PHP2.34 billion in the same month last year.

For this month, PEZA projects these investments to yield USD363.77 million in export revenues and 7,978 jobs.

The total approved investments, meanwhile, are projected to create at least 11,558 jobs and generate USD1.025 billion in export.

‘All our indicators are up for exports and employment. Isang pangitain na tuluy-tuloy ang upward trajectory na nakikita natin for 2024 (This is a good sign that our upward trajectory will be sustained for 2024) which is something that we would expect for 2024 and onwards because the Philippines happens to ha
ve the highest GDP (gross domestic product) growth rate in ASEAN since 2022 for three years in a row now,’ he said.

‘That makes the Philippines one of the best performing economies in the region,’ he added.

Panga noted that economic zones contribute to about 17 percent of the GDP, with more than 50 to 60 percent of the total country’s exports of goods and services coming from the locators of PEZA alone.

‘Foreign trips’

In the same presser, Panga said President Ferdinand R. Marcos Jr.’s foreign trips to woo investors are visibly bearing fruit.

In 2023 alone, he said 43 percent or roughly PHP75 billion of the total PHP175.5 billion PEZA-approved investments can be attributed to the presidential visits.

‘It’s very important, very effective. I would say that it’s because of the President reaching out to people and economies and taking advantage of our FTAs or free trade agreements that we as a nation are able to attract investments,’ he said.

‘The President is very clear in his messaging that the Philippin
es is ready to attract investments. We are ready to roll-out the red carpet so that we can attract more investments in strategic industries into the country,’ he added.

Panga said the employment number slightly decreased by two percent in 2023 due to the flat growth experienced by the electronic industry.

But he expressed optimism this will eventually pick up and increase in 2024 as reflected in the first quarter figures.

‘(The flat growth in the electronic industry) was a global phenomenon but starting 2024, we should recover, pick up, and increase not just in investments but including jobs and exports,’ he said.

Source: Philippines News Agency