Pasay City, Philippines - The Philippine Economic Zone Authority (PEZA) has reported a 147% increase in investment approvals from January to November 2023, reaching PHP140.88 billion, surpassing the full-year approvals of the previous year.
According to Philippines News Agency, PEZA Director General Tereso Panga, speaking at the PEZA 28th Investors' Night, highlighted the authority's turnaround from negative growth in investment approvals despite economic challenges both domestically and globally. This growth marked a significant recovery from previous years, with approvals declining from PHP140.2 billion in 2018 to PHP69.30 billion in 2021, before rebounding in 2022. The increase in investments is mirrored in the substantial rise in export revenues from PEZA ecozones, which grew by 57.59% to USD54.54 billion in the first three quarters of 2023. The ecozones also generated over 1.78 million jobs as of September 2023. Panga attributed this success to PEZA's commitment to integrity, service, and efficient operations, offering 'no red tape, only red-carpet treatment' to investors. Top foreign investment sources include Japan, the United States, the Netherlands, the United Kingdom, Singapore, and South Korea. PEZA's contributions to the Philippine economy since 1995 have been significant, with total investment approvals exceeding PHP4.3 trillion, generating substantial export revenues and job opportunities across its ecozones.