MANILA, Philippines — The Philippine Economic Zone Authority (PEZA) has approved P2.21 billion worth of investments during its first board meeting last week.
The investment promotion agency approved 12 new and expansion projects consisting of seven ecozone export projects, four information technology (IT) enterprises and one facilities enterprise.
“We are proud to have closed more than P2 billion worth of investments in the first month for 2024, and confident to securing more investments which are already in PEZA’s pipeline and waiting for approval in the coming months,” PEZA director-general Tereso Panga said.
The new and expansion projects are located in Cavite Economic Zone, Cavite Technopark – special economic zone (SEZ), Laguna Technopark, Lima Technology Center – SEZ, Carmelray Industrial Park II – SEZ, Laguna Technopark Annex – SEZ, First Philippine Industrial Park, Giga Tower Bridgetowne IT Park in Quezon City, Southwoods Mall in Laguna City, Panorama Tower in Bonifacio Global City and Jazz IT Center in Makati City.
According to PEZA, the projects are expected to generate $69.62 million exports and 1,337 direct jobs.
For this year, the PEZA is hoping to approve P250 billion worth of projects.
On the conservative side, the investment promotion agency is aiming for a 10 percent increase to P202 billion from the P175.71 billion recorded in 2023.
The PEZA board and executive committee said it conducted its first board meeting in the Baguio City Economic Zone (BCEZ) from Jan. 25 to 27.
As part of the visit, Panga and BCEZ zone administrator Emmanuel Cortero witnessed the BCEZ Multi-Purpose Center groundbreaking ceremony alongside company visits to the TI (Philippines) Inc. and Moog Controls Corp.
“We are witnessing another milestone for establishing their multi-purpose center. The new two-level facility will serve as a venue for leasable office spaces, recreational, and learning activities for BCEZ and its locator companies. We are very excited for its completion to be targeted in May 2025,” Panga said.