PEZA approves P9.24 billion worth of investments in first week of August

Philippine Economic Zone Authority

The Philippine Economic Zone Authority (Peza) said on Friday that investments worth P9.24 billion have been approved so far in August, projects expected to generate $264.783 million in exports and create 4,265 new jobs.

Peza said the investments were approved at an Aug. 7 board meeting, and more projects are being evaluated and will be discussed at another meeting on Aug. 27.

According to the investment promotion agency, the approved investments include 24 new construction and expansion projects.

read: Peza approves new investments worth P15 billion

Of these, 14 projects are export manufacturing projects, 4 projects are IT-BPM projects, 2 projects are facility development projects, 1 project is a domestic market project and the remaining 3 projects are eco-zone development projects.

This series of new investments brings the total number of projects approved by Peza so far this year to 144, with a total value of P54.72 billion and an estimated creation of 29,524 jobs.

Peza Director Tereso Panga stressed the significance of the continued increase in jobs, with his office saying that employment increased by 60.4% in the seven months of this year compared to the same period last year.

“The continued increase in the number of new and expansion projects demonstrates the international community’s confidence in the Philippines’ business environment and economic potential,” Panga said in a statement.

“In addition, our active efforts to establish the Philippines as a preferred investment hub in the region play a vital role in creating sustained job opportunities for our fellow Filipinos, paving a better and brighter future not only for their families but also for the success of the country,” he added.

Peza aims to approve at least P200 billion worth of investments this year.

Last year, the value of investments approved by Peza reached 175.7 billion pesos, up 24.9% from 140.7 billion pesos in 2022.

Its approved investment amounted to 69.3 billion pesos in 2021, 95.03 billion pesos in 2020, 117.54 billion pesos in 2019, and 140.2 billion pesos in 2018.

read: Peza not concerned about sluggish first-half investment

Investments registered in the Peza Economic Zone are eligible for several fiscal and non-fiscal incentives, depending on the location and nature of the business.

Fiscal incentives for exporters include income tax exemptions for four to seven years, as well as a special corporate income tax rate of 5% or enhanced deductions for 10 years.

At the same time, domestic market enterprises will be given 4 to 7 years of corporate income tax exemption or 5 years of increased deductions.