The Philippine Economic Zone Authority (PEZA) reported a significant increase in investments for the January to April 2023 period due to its strengthened investment promotion and facilitation efforts
PEZA director general Tereso O. Panga announced that the agency has approved a total of 60 new and expansion projects worth P 33.09 billion, which is a 107.15 percent increase compared to the same period in 2022. These projects are expected to generate about $ 1.012 billion in exports and create 7,469 direct jobs.
The PEZA board has also approved 14 new and expansion projects worth P 20.566 billion and creating 2,233 jobs, with seven projects focused on logistics services, four on export manufacturing, and three on IT enterprises located in various regions in the country.
The biggest project pre-qualified for FIRB approval is engaged in the manufacturing of biomass fuel products made from Buyo-buyo (Piper aduncum-shrub), with investments worth PhP 19.7 billion.
Despite the recent report of the Philippine Statistics Authority on widening trade deficit, PEZA recorded a total of $ 15.753 billion actual exports for the first quarter.