The Sunrise of Prosperity: PEZA's Investment Approvals Soar by 18.66% in the Dawn of 2024

SOURCE: PEZA

As the first rays of 2024 hit the business landscape, the Philippine Economic Zone Authority (PEZA) has started the year on a high note. According to the recent Board meeting held at LIMA Technology Center – Special Economic Zone (LTC-SEZ) in Malvar, Batangas, the PEZA reported a total of PhP 12.096 billion in investments in the first two months of the year. This marks an impressive surge of 18.66% compared to the same period last year.

PEZA Director General Tereso O. Panga proudly stated, “The significant upswing in our investment performance within two months underscores our commitment to achieving our target of PhP 250 billion investments for this year.” This statement not only exemplifies PEZA’s commitment to excellence but also sets a robust foundation for further growth and development.

On 16 February 2024, the PEZA Board approved 28 new and expansion projects. These projects are expected to generate US$661.095 million in exports and create 3,580 direct employment opportunities. This decision signifies PEZA’s continuous efforts to bolster the country's economic development and job creation.

The Board meeting was attended by esteemed Board Members representing various departments. The synergy between these departments and the PEZA Management Officials is a testament to the collaborative nature of PEZA's operations.

For the month of February, the PEZA Board approved a total of sixteen (16) projects. These projects promise to yield an investment of PhP 9.884 billion, generating $591.476 million in exports and creating 2,243 direct jobs.

Compared to the corresponding period in 2023, the investments, exports, and jobs have marked an increase of 160.08%, 135.31%, and 319.25% respectively. This impressive growth trajectory affirms the unwavering commitment of PEZA to economic progress.

The PEZA Board also visited the facilities of Epson Precision (Philippines), Inc. and Grandsun Advanced Electronics (Philippines) Co. Inc. These site visits highlight PEZA’s active involvement in ensuring the success of these projects.

Epson Precision (Philippines), Inc. stands as a testament to PEZA’s successful investment strategies. As of February 14, 2024, it has created 20,308 jobs in its three factories.

Grandsun Advanced Electronics (Philippines) Co. Inc. is a shining example of a successful Filipino business. The company is currently exporting to various countries across the globe.

The impressive start of 2024 foreshadows a promising year for PEZA. With the continuous support from various departments, PEZA is geared towards achieving its investment target.