PEZA has greenlit investments amounting P12B
The Philippine Economic Zone Authority (PEZA) has reported a substantial increase in investments, totaling P12.1 billion in the first two months of 2024. This figure marks a 19 percent rise compared to the P10.2 billion recorded during the same period last year.
Breaking down the investment figures, PEZA approved P2.21 billion in January and P10.9 billion in February, reflecting a significant surge in economic activity. Director General Tereso O. Panga highlighted this positive trend, emphasizing the agency’s commitment to achieving its target of P250 billion in investments for the year.
In total, the PEZA Board sanctioned 28 new and expansion projects, which are anticipated to generate 3,580 direct employment opportunities and $661.1 million in exports. Notably, on February 16 alone, the agency greenlit 16 projects encompassing various sectors such as ecozone enterprises, information technology (IT) ventures, logistics services, and real estate development. These projects are expected to create 2,243 direct jobs and contribute $591.5 million to exports.
Among the locations slated for these investments are key industrial parks and economic zones including the First Philippine Industrial Park II (FPIP II-SEZ), Daiichi Industrial Park (DIP-SEZ), and Laguna Technopark (LT-SEZ), among others. During a recent Board Meeting at the LIMA Technology Center – Special Economic Zone (LTC-SEZ) in Batangas, PEZA Director General Panga conducted inspections of facilities belonging to Epson Precision (Philippines), Inc. and Grandsun Advanced Electronics (Philippines) Co. Inc.
Epson Precision (Philippines) reported a notable milestone, with 20,308 jobs created across its three factories and a commendable 80 percent local sourcing rate for inputs. The company’s investments as of January stood at P18.8 billion. Similarly, Grandsun Advanced Electronics (Philippines) Co. Inc. reported investments totaling P75 million, further contributing to the robust economic landscape facilitated by PEZA.
Business News: PEZA has greenlit investments amounting P12B
