Entry of new business projects measured through investment pledges is back to pre-pandemic level based on the recently released figures of the Philippine Economic Zone Authority.

PEZA approved a total of P140.7 billion in investment pledges this year, more than double from the P69.3 billion approvals in 2021.

This year's investment commitments are the highest in five years. In 2018, PEZA-registered projects reached P140.2 billion.

PEZA officer-in-charge Tereso Panga said investment approvals came from 198 projects.

"Despite a 29.85 percent decline in the first semester compared to a year ago, we never lost hope that we will recover," Panga said.

He added that with the big-ticket investments prequalified by the board for endorsement to the Fiscal Incentive Review Board, PEZA posted an increase in investments in 2022.

PEZA's target for this year is to grow by six to seven percent by year's end.

Low numbers until Nov.

Earlier, PEZA reported that investment pledges from January to November this year reached only P57.05 billion.

During the PEZA board meeting, last 15 December led by Trade Secretary and PEZA chairperson Alfredo Pascual, the investment promotion agency approved 13 projects amounting to P83.65 billion.

The bulk of these newly-approved investment pledges was from three economic zone development projects worth P83.02 billion, four manufacturing projects worth P502.98 million, and six information technology service projects worth P125.17 million.

The projects are expected to rise in Taguig City and the provinces of Pangasinan, Cavite, Batangas, Laguna, Cebu and Negros Occidental.

"At the rate, we are going now, PEZA has achieved this year the level of annual investments approved in 2018. That means that the country's ecozones and high-performance investments are back to the pre-pandemic, even surpassing the 2018 level," Panga indicated.

"Indeed, the economic and political climate is improving under the PBBM (President Bongbong Marcos') administration and we hope to sustain very good performance as we prepare for the upturn in the economy and our transition to upper-middle income status," Panga added.

Meanwhile, exports in PEZA zones reached USD54.24 billion while employment within ecozones rose to 1,850,842 as of October 2022.

"PEZA remains committed to performing its sworn mandate and attracting the much-needed strategic and big-ticket investments to the country and contribute to PBBM's goal for the country's transition to the upper middle-income economy within his term," Panga said.