PEZA remits P11.7-B dividends from start
We consider these countries as non-traditional sources of ecozone FDI and exports
Daily TribuneWe consider these countries as non-traditional sources of ecozone FDI and exports
Top investment promotion agency, the Philippine Economic Zone Authority, contributed nearly P12 billion in dividends to the government since its inception in 1996 until this year, true to its mission to provide much-needed revenue for nation-building.
In his latest report, PEZA director-general Tereso Panga said total dividends submitted to government coffers were at P11,718,928,426.16 from 1996 to 2023.
For the first five months of the current year, PEZA produced a dividend of P900,138,630.75, almost reaching the dividends they submitted of P913,121,325 for the full year 2022 to the National Government.
From January to November 2023, PEZA incurred P126,432,273.40 net income, an increase of six percent compared to the net income produced last year.
Increase of FDI from China, Australia
According to Panga, there has been a marked increase in the ecozone investment approvals this year from Australia and China regarding foreign direct investments or FDIs.
"We consider these countries as non-traditional sources of ecozone FDI and exports. We can attribute this trade and investment market diversification to the country's recent accession into the Regional Comprehensive Economic Partnership Agreement," Panga told reporters.
"We see the same trend with the huge growth in our ecozone FDI from European Union member countries. In addition, we expect our ecozone exports to the EU to likewise achieve a significant increase given the latter's continued grant of GSP+ (generalized system of preference plus) privileges to Philippine exporters," he added.
Earlier, PEZA said it surpassed its conservative 10 percent growth target this year with its investment approvals reaching P175 billion, 24 percent higher than its 2022 performance at P140 billion.
Also, Panga said PEZA saw a significant increase in investments from South Korea, Taiwan, China, Australia, and the EU owing to our FTA and bilateral investment agreements and capitalizing on new strategies such as China Plus One or C+1.
On the other hand, the top ecozone exports are still dominated by the electronics, IT, metals and automotive sectors.
PEZA hosts 422 economic zones and 4,352 locator companies/projects nationwide.
Of these, industries operating are 300 IT parks and centers, 78 manufacturing plants, 24 agro-industrial parks, 17 tourism establishments, and three medical tourism entities.