The Philippine Economic Zone Authority (PEZA) on Tuesday pledged to be more aggressive in getting more investments, especially from foreign sources, to achieve its PHP202 billion to PHP250 billion target approvals for 2024.
“The strategic focus for 2024 revolves around an aggressive approach to acquiring investments, cultivating a sound business environment that supports investor growth, championing ease of doing business, and fostering vertical supply and global value chains that align with ASEAN (Association of Southeast Asian Nations) and global partners,” PEZA Director General Tereso Panga said in a statement.
Panga added that by attracting more investments into the country, PEZA is committed to achieving President Ferdinand R. Marcos Jr.’s vision of spreading ecozones across the country to accelerate economic development.
“More ecozones mean more businesses and more employment and improved quality of life for Filipinos across the Philippines. Our reinvigorated mission and mantra will be eco-zoning the Philippines towards inclusive and sustainable development,” he added.
The PEZA chief said the investment promotion agency (IPA) will explore new sources of foreign investments such as Australia, Canada, China, South Korea, Middle East, and European Union to complement its steady sources of ecozone foreign direct investments from Japan, the United States, Netherlands, United Kingdom, and Singapore.
He added that the IPA aims to attract more investments from promising sectors like advanced manufacturing, electric vehicle production, frontier technologies, regenerative agriculture and blue resources, green ores processing, renewable and alternative energy, and eco-industrial park and smart township development.
“I am confident that as we set a higher level of ecozone management and provide new avenues of growth for current and prospective investors with various types of ecozones, even a mega ecozone, we will see more businesses landing on our shores,” Panga said.
He noted that through ecozone development, the Philippines is poised to continue its economic success this year by achieving higher gross domestic product, “competing favorably with neighboring countries despite geopolitical and economic headwinds.”
In 2023, PEZA approved PHP175.71 billion worth of investment pledges. (PNA)
