PEZA stamps approval on P52.93-B projects
Biggest ever The Philippine Economic Zone Authority and the Bureau of Corrections signed a memorandum of agreement for the development of the first mega ecozone in the country. An initial area of more than 2,000 hectares of the Iwahig Prison and Penal Farm in Puerto Princesa, Palawan was allocated for the Palawan Mega Economic Zone. At the signing of the MoA for the Palawan Mega Economic Zone were (from left) PEZA Acting Deputy Director General for Policy and Planning Anidelle Joy Alguso, Director General Tereso Panga, BuCor Director General Gregorio Pio Catapang Jr. and CCSupt. Melencio Faustino.
Photograph courtesy of peza
Investment pledges worth P52.93 billion in the first two months of the year have been approved by the Philippine Economic Zone Authority (PEZA).
PEZA reported its investment approvals until February surged by 338 percent from P12.1 billion commitments a year ago.
These pledges came from 39 projects, which are expected to generate 11,063 jobs and will contribute an additional $274.96 million to export revenues.
Eighteen of these approved projects are domestic market enterprises, which investments rose 71 percent to P37.97 billion.
There were 12 project registrations from the information technology and business process management (ITBPM) sector, five economic zone development projects, and two each for manufacturing and facilities.
PEZA Director General Tereso Panga said that with the performance of the investment promotion agency (IPA) in the first two months of the year, it is poised to achieve its growth target of 9 to 10 percent for 2025.
Dedication to progress
“PEZA’s rising investments reflect its dedication to supporting various sectors and propelling the country’s economic progress. By attracting projects from priority industries — such as emerging technologies in the EMS-SMS sector — and fostering strategic collaborations with the pharmaceutical industry among others, PEZA continues to draw investments that stimulate regional economic growth and advance the nation’s industrial landscape,” Panga said.
For February 2025 alone, the IPA registered 26 projects with capital amounting to P22.78 billion.
Two big-ticket projects in Tarlac and Batangas provinces were also approved this month with combined investments of P16 billion.
One of these projects is a P10.45-billion investment of a South Korean firm, capitalizing on the Philippines-South Korea free trade agreement.
Panga is also looking forward to more investment approvals in PEZA this year with the recent signing of the implementing rules and regulations of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, which irons out concerns of some investors.
“The IRR supports PEZA’s core mandate to drive investment growth, create jobs, and promote sustainable development, especially in the countryside. We now provide even more benefits to investors who wish to locate in the Philippines,” he said.
“The CREATE MORE Act is a game changer in the entry of foreign [direct] investments into the country which encourages more international investors to come given the longer set incentives being offered,” Trade Secretary and PEZA board chairperson Ma. Cristina Roque added.