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Supported by strong investment interests from foreign sources, the Philippine Economic Zone Authority (PEZA) is eyeing to raise its target for investment approvals by seven percent this year.
The investment promotion agency aims P6 billion more investment approvals this year from last year’s approval of P95.03 billion, PEZA deputy director general Tereso Panga said
“We have a strong basis for this projection because of the increasing FDI (foreign direct investments),” Panga said.
He also cited the report of the United Nations Conference on Trade and Development in 2020 that FDIs in the Philippines rose by 29 percent despite the pandemic, while the trend in other Southeast Asian countries is the opposite.
Panga said the ecozone investments increased by 21 percent last year.
“We are following the same trend for FDI. In the case of PEZA, the sources for this come from ICT (information and communications technology), manufacturing, and real estate,” he added.
