PEZA investment pledges rise 42%

Investment pledges approved by the Philippine Economic Zone Authority (PEZA) grew by 42 percent to over P170 billion from January to October, compared to the same period last year, driven by investor confidence in the country's ecozone program.

- DEXTER BARRO II

In a statement, the PEZA said it approved P175.37 billion in investments over the 10-month period, outpacing last year's approvals worth P123.76 billion.

The pledges, which later translate into actual investments, cover the planned development of 243 pioneer and expansion projects in ecozones across the country.

These projects span the sectors of manufacturing, information technology and business process management (IT-BPM), domestic, facilities, ecozone development, logistics, and utilities.

Combined, these projects are expected to generate $6.08 billion in export sales and create nearly 60,000 jobs.

PEZA Director General Tereso Panga said these pledges come at a critical time for the Philippines, as economic and geopolitical issues are making investors more cautious.