PEZA eyes P250-billion investments in 2024 

Philippine Economic Zone Authority (PEZA) Director General Tereso Panga remains confident in meeting the investment approvals of PHP200 billion to PHP250 billion by year-end, according to a report by Philippine News Agency.

Panga's optimism is bolstered by projections of robust gross domestic product (GDP) growth and promising developments in international trade agreements.

He said economists and credit rating institutions foresee a potential economic upswing in the second half of the year, with the Philippines expected to lead the Association of Southeast Asian Nations with a projected GDP growth of 6 percent to 7 percent.

He added that recent agreements, such as the trilateral pact involving the US, Japan, and the Philippines; the country's accession to the Regional Comprehensive Economic Partnership; and the upcoming Free Trade Agreement (FTA) with South Korea would help stimulate trade and investment inflows.

Initiatives, such as the US CHIPS and Science Act, which prioritizes the Philippines, promise further economic benefits, Panga said.

"The early passage of CREATE MORE (Bill), despite the uncertainties arising from the upcoming US presidential elections, should stimulate particularly big-ticket investors and expanding locators to register their projects with PEZA in preparation for the upturn in the economy with the expected recovery of the global electronics industry by next year," he said.

"As such, we remain hopeful that we will achieve this year our PHP200 billion to PHP250 billion in annual investments as we facilitate the big-ticket projects of our prospective investors, both local and foreign."