PEZA on track to approve P250-B investments

The Philippine Economic Zone Authority (PEZA) is optimistic of achieving its goal of approving P250 billion worth of investments this year despite corruption issues in flood control projects and the tariffs imposed by the United States on trade partners.

- By LOUELLA DESIDERIO

"We're hopeful because we're targeting, our conservative (goal) is P250 billion. But the ambitious target is P300 billion. So, with maybe three or four board meetings to go, we're hopeful that we can realize more investments, register more investments," PEZA director general Tereso Panga told reporters on the sidelines of the 20th Philippine Semiconductor and Electronics Convention and Exhibition yesterday.

Panga said that investments approved by PEZA from January to October have reached over P170 billion. These investment approvals include big-ticket projects.

For October alone, Panga said PEZA cleared around P20 billion worth of investments.

According to Panga, PEZA has not seen the corruption issues affect investor interest in the Philippines despite an ongoing government probe on reported flood control anomalies.