MANILA – Philippine Economic Zone Authority (PEZA) Director General Tereso Panga said the PEZA Board is expected to approve an additional PHP13.45 billion worth of investment pledges during their board meeting on Tuesday, with approvals this year seen to reach PHP215 billion.
In a media briefing in Pasay City Monday, Panga said this will be PEZA’s highest investment approvals in the past seven years.
He said most of the projects that will be approved by the PEZA Board are in the manufacturing sector, which is generating a bigger number of jobs for the country.
Manufacturing represents 32 percent of PEZA investments.
Moreover, Panga said PEZA has PHP250 billion of investment pledges in the pipeline for 2025, which could get their project registrations early next year.
He also cited investment interest in semiconductors and electronics with the Department of Trade and Industry (DTI) crafting a new roadmap for this industry.
“We are aligning ourselves with them like on electronics —in this case, like assembly, testing, and packaging which is really our bread and butter, but we have strong potentials in IC (integrated circuit) design, including electronic manufacturing services, and then on electronic manufacturing services,” Panga said.
Manufacturing activities supporting electric vehicle (EV) supply chain, like those supplying to Tesla, are also eyeing to locate in PEZA ecozones, the PEZA chief added.
Panga also sees the policies of President-elect Donald Trump to slap higher tariffs on products from countries with which the United States faces huge trade deficit as an opportunity for PEZA, as firms operating in China begin shifting their investments to the Philippines.
“We see an opportunity here for the Philippines because our value proposition is how we can present the Philippines as the alternative site for all these companies shifting production out of China, which we now see happening,” he added.
Aside from the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE), which was enacted into law last month, Panga said the pending legislation to extend land lease to 99 years could further improve investment climate and attract more locators in PEZA zones.
Panga added PEZA is also diversifying its foreign investment sources like the Middle East and Africa. (PNA)
