Committed PEZA investments plunge 30% in H1

Published August 13, 2022, 5:20 PM

by Bernie Cahiles-Magkilat

Committed investments registered with the Philippine Economic Zone Authority (PEZA) soared 114.93 percent in the second quarter this year, but failed to lift the overall first semester investments from plunging by 29.849 percent.

PEZA OIC Deputy Director General Tereso O. Panga reported that the second quarter investments reached P14.347 billion as against P6.675 billion in the same period last year.

But the second quarter investment figure was not good enough to bring the overall first half PEZA investments into positive growth as the agency’s first semester tally only reached P22.488 billion or 29.849 percent lower compared with the P32.057 billion approvals in the same first semester of 2021.

Panga said the first half investments represent the combined project costs of 90 new and expansion projects approved to locate in PEZA economic zones.

The investment pledges are also expected to earn $747.093 million in projected annual export sales and jobs generation of 14,354.

The top countries with the highest investments for the first six months are Japan, Singapore, the United States of America (USA), the United Kingdom (UK), and the Netherlands.

Japan remained as PEZA’s top country investor in the first half with P8.007 billion in investments followed by Singapore with P2.169 billion.

Meanwhile, Region IV emerged as the favorite regional investment destination receiving a total of P10.399 billion in new investments. Other top-improving regions include Region 8 (Eastern Visayas), Region 10 (Northern Mindanao), Region 12 (SOCCSKSARGEN), and Region 13 (CARAGA).

“Despite experiencing a 29.85 percent decline in investments in the first six months of 2022 compared to last year’s same period, our export income and employment continue to grow,” said Panga.

Panga also reported of a 7.68 percent increase in export income and 10.158 percent improvement in employment in the first half of 2022.

“We are elated to report that PEZA’s export income grew from $ 30.177 billion last January to June 2021 to $32.495 billion covering the same period this year,” Panga said.

With the reopening of the Philippine economy and positive outlook under President Ferdinand Marcos Jr. administration, Panga said that PEZA will continue to contribute in jobs generation for Filipinos.

At present, PEZA employs 1,791,643 workers in its registered economic zones nationwide compared to last year’s 1,626,416 employees.

 
CLICK HERE TO SIGN-UP
 

YOU MAY ALSO LIKE

["business","trade-energy","business"]
[3062241,3093672,3093674,3093677,3093568,3093570,3093567]