PEZA Aims For PHP250 Billion In Approvals In 2024

The Philippine Economic Zone Authority (PEZA) has set a target to approve up to PHP250 billion in investments for the year 2024. PEZA Director General Tereso Panga expressed his goal to return to the peak levels of PHP300 billion in approved projects.

PEZA's highest investment approvals were in 2012 with project registrations amounting to PHP312 billion, followed by PHP295 billion in 2015 and PHP279 billion in 2014. I Photo: Anflo Industrial Estate

Panga stated, “We’re looking at PHP202 billion in investments by 2024... I would say, it’s still conservative. We really want to target PHP250 billion plus because this will bring us back to the peak levels of PEZA during the time of Atty. (Lilia) de Lima, when we were getting PHP250 (billion to) PHP300 billion.”

Compared to the current year, the lower end of the approvals target for 2024 is 15 percent higher, while the high-end target is 42 percent higher than the PHP175.71 billion investment pledges that PEZA registered in 2023.

Panga expressed optimism about PEZA’s performance in the coming year, citing big-ticket projects in the pipeline, including economic zone development and electric vehicle manufacturing, that are up for approval in the early part of 2024.

He highlighted sustained interest from investors in Australia, China, South Korea, and the European Union, where the Philippines benefits from the Generalised Scheme of Preferences Plus.

Panga credited PEZA’s outbound missions, including official foreign trips of President Ferdinand R. Marcos Jr., for heightening foreign companies' interest in exploring business opportunities in the Philippines. During these missions, PEZA secured significant investment pledges from various countries.

PEZA's highest investment approvals were in 2012 with project registrations amounting to PHP312 billion, followed by PHP295 billion in 2015 and PHP279 billion in 2014.

WEEKLY FEATURE : Jose Mari Chan And The Christmas Anthem