The Philippine Economic Zone Authority (PEZA) on Wednesday said it booked a total of P12.537 billion worth of investment pledges in the first quarter of 2023.
The January to March investments registered at PEZA saw a growth of 53.99% year-on-year.
In a statement, PEZA Director General Tereso Panga said that the surge in investments commitments during the period “is an indication that we are on the right track in achieving our 10% target this year.”
The investment promotion agency is targeting a 10% increase on investments in 2023 from the P140.7 billion recorded in January to December 2022.
Panga said that for the entire period the agency approved a total of 42 new and expansion projects of ecozone locators and developer/operators worth more than P12 billion.
Broken down, of the 42 projects, 40 were locator projects with P8.188 billion investments and two were developer projects with P4.349 billion, totaling to P12.537 billion investments.
The 42 projects are 44.83% higher than the 29 projects approved in the first quarter of 2022.
The PEZA chief said that the projects are also expected to generate $616.585 million exports and 5,236 direct employment, both gaining an increase of 165.25% and 65.28% respectively for the first quarter.
“We have achieved positive investments for this year’s first quarter and we can sustain this momentum in the coming months as we expect more inbound delegations of foreign investors. The best is yet to come as we further open up the economy and manage the external headwinds,” Panga said.—LDF, GMA Integrated News