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PEZA sets aggressive investment approach for 2024

The Philippine Economic Zone Authority (PEZA) is welcoming the new year with vigor as it prepares to pursue more investment opportunities and facilitating investor growth through multiplying its ecozones in the country.

In a statement released on Tuesday, Jan. 2, PEZA Director General Tereso Panga shared the agency’s “strategic focus” for 2024 revolving on “an aggressive approach to acquiring investments, cultivating a sound business environment that supports investor growth, championing ease of doing business, and fostering vertical supply and global value chains that align with Association of Southeast Asian Nations (ASEAN) and global partners.”

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PEZA Director General Tereso Panga

Panga emphasized that the country is “poised for continued success in 2024” despite expected economic headwinds.

For 2023, the agency logged P175 billion investment approvals, which was 10 percent higher than their initial approvals target, and significantly beyond the P140 billion recorded in 2022.

PEZA is now aiming to reach P250 billion investment approvals by the end of this year, hopefully achieving the pre-pandemic investment levels.

In addition, it is also aiming to generate 80,000 to 100,000 new jobs given its upcoming ecozone projects this year.

The agency shared its optimism that it will accomplish its targets given the country’s projected gross domestic product or GDP growth trajectory, backed by the booming information technology and business process management (IT-BPM) industry in the Philippines.

“I am confident that as we set a higher level of ecozone management and provide new avenues of growth for current and prospective investors with various types of ecozones, even a mega ecozone, we will see more businesses landing on our shores,” said Panga.

Among its target sectors include advanced manufacturing, electric vehicle (EV) production, frontier technologies, regenerative agriculture and blue resources, green ores processing, renewable and alternative energy, and eco-industrial park and smart township development.

It added that new trade and investment areas will be further explored with partners such as Canada, South Korea, Australia, the Middle East, the European Union, and China.

“As we spread ecozones across the Philippines as envisioned by the President, it is the goal of PEZA to accelerate countrywide economic development to benefit our countrymen. More ecozones mean more businesses and more employment and improved quality of life for Filipinos across the Philippines. Our reinvigorated mission and mantra will be eco-zoning the Philippines towards inclusive and sustainable development,” remarked Panga.

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