Other Government Release

PEZA investment approvals up by 18.66% for the first 2 months

Pasay City – In the recent Board meeting held at LIMA Technology Center – Special Economic Zone (LTC-SEZ) in Malvar, Batangas, the Philippine Economic Zone Authority (PEZA) reported a total of PhP 12.096 billion in investments in the first two months of 2024, marking an 18.66% surge compared to the same period last year.

PEZA Director General Tereso O. Panga stated, “The significant upswing in our investment performance within two months underscores our commitment to achieving our target of PhP 250 billion investments for this year.”

On 16 February 2024, the PEZA Board approved 28 new and expansion projects, expected to generate US$661.095 million in exports and create 3,580 direct employment.

The Board meeting was attended by four (4) Board Members representing the Department of Finance (DOF), the Department of Labor and Employment (DOLE), the Department of Interior and Local Government (DILG), and the National Economic and Development Authority (NEDA), along with the PEZA Management Officials.

February 2024 Board approvals

The PEZA Board approved a total of sixteen (16) projects for the month of February: nine (9) ecozone enterprises, three (3) IT enterprises, one (1) domestic market, two (2) ecozone logistics services, and one (1) developer.

These projects are anticipated to yield an investment of PhP 9.884 billion, generating $591.476 million in exports and creating 2,243 direct jobs, and located in the First Philippine Industrial Park II (FPIP II-SEZ), Daiichi Industrial Park (DIP-SEZ), Light Industry & Science Park III (LISP III-SEZ), Laguna Technopark (LT-SEZ), PHIVIDEC Industrial Estate – Economic Zone, Lima Technology Center (LTC-SEZ), Mactan Economic Zone II (MEZ II – SEZ), People Technology Complex (PTC-SEZ), 1 Nito Tower in Cebu City, Embarcadero De Legazpi in Legazpi City, Albay, Light Industry & Science Park IV (LISP IV – SEZ), and Hermosa Ecozone Industrial Park (HEIP-SEZ).

Notably, one of the new projects pre-qualified by the PEZA Board is engaged in the manufacture of solar wafer cells and will start its operations in July 2024.

In comparison to the corresponding period in 2023, the investments, exports, and jobs are 160.08%, 135.31%, and 319.25% higher, respectively.

Locator site visits in LIMA

The PEZA Board also visited the facilities of Epson Precision (Philippines), Inc. and Grandsun Advanced Electronics (Philippines) Co. Inc.

Mr. Akifumi Takei, the President of Epson Precision (Philippines) told PEZA that, “The Philippines, specifically at LTC-SEZ, hosts our largest facility among all our branches situated in China, India, Hong Kong, South Korea, and Singapore.”

President Takei added, “As of February 14, 2024, we have created 20,308 jobs in our three factories. We are also proud to say that 80% of our inputs in our Philippines are purchased locally.”

Meanwhile, Grandsun Advanced Electronics (Philippines) Co. Inc. President Giovanni Gapasin highlighted that their company is comprised entirely of Filipino workforce and is currently exporting to USA, South America, Japan, Europe, and Asia Pacific.

As of last month, Epson Precision (Philippines) recorded investments amounted to PhP 18.837 billion whereas Grandsun Advanced Electronics (Philippines) Co. Inc. reported a total of PhP 75 million.