Latest news with #TeresoPanga
GMA Network
4 days ago
- Business
- GMA Network
Approved commitments hit P90.96B in Jan-July 2025, up 100% —PEZA
The Philippine Economic Zone Authority (PEZA) saw a big increase in the value of investment commitments approved in the first seven months of 2025 compared to the same period last year. In a statement on Saturday, PEZA said it approved P90.96 billion worth of pledged new and expansion projects from January to July 2025, up 100% from P45.48 billion worth of green-lit investment commitments year-on-year. The investment promotion agency said 150 newly approved and expanding projects saw a 25% increase from the 120 projects approved during the same period in 2024, 'highlighting strong investor confidence and sustained trust in the Philippines as a premier investment hub.' The approved investments are expected to create 35,874 direct Filipino jobs, up 42.02% from the 25,259 jobs seen in the same period in 2024. The PEZA is also projecting a 24.37% growth in exports, reaching $2.003 billion. 'This 100% surge in investment approvals in just seven months is a resounding vote of confidence in the Philippines as a competitive, resilient, and innovation-ready investment destination,' said PEZA Director General Tereso Panga. 'Investors are scaling up in our ecozones because they recognize our stable policies, world-class talent, and our whole-of-government commitment to building smarter, greener, and more inclusive growth centers across the country,' he added. For July alone, the PEZA said it approved 17 high-impact new and expansion projects that are poised to inject P18.6 billion in investments, generate an estimated $744.06 million in annual export revenues once fully operational, and create 2,891 direct jobs for Filipino workers. The approved projects this month span a range of industries, including 11 in export manufacturing, three in facilities development, two in IT-BPM, and one in domestic-market-oriented manufacturing. The projects are 'strategically located' across Metro Manila, CALABARZON, Central Luzon, and Central Visayas. Meanwhile, the PEZA said it remains optimistic as the Philippines continues high-level negotiations to compensate for the newly adjusted 19% US-imposed tariff on Philippine exports. The agency said the Philippines has one of the lowest US tariff rates in Southeast Asia, as government and industry leaders are hopeful about the renewal of the US Generalized System of Preferences (GSP) and the start of free trade agreement (FTA) negotiations with the US. — VBL, GMA Integrated News
GMA Network
02-07-2025
- Business
- GMA Network
PEZA books P72-B investment pledges in H1 2025
The Philippine Economic Zone Authority (PEZA) has approved over P72 billion worth of investment commitments in the first half of 2025. In a statement on Wednesday, PEZA said it booked P72.362 billion in investment pledges from January to June 2025, up 59.1% from P45.481 billion recorded in the first semester of 2024. The investment promotion agency attributed the growth in approved investment commitments to its 'proactive stance' in facilitating ease of doing business and improving investor confidence as it aligns its strategies with the Marcos administration's socio-economic goals. 'This continued surge in investments affirms PEZA's role as a vital engine for economic growth and job creation for the country,' said PEZA Director General Tereso Panga. 'We are reaping the fruits of our aggressive promotion efforts, investor-centric reforms, and continued commitment to making the Philippines a competitive and resilient hub for global industries. The confidence shown by both new and existing investors is a strong signal that our ecozones are thriving and open for business,' Panga added. PEZA said it approved 133 projects during the January to June 2025 period, up 10.83% from 120 projects approved in the same period of 2024. The agency said the approved projects are seen to generate 32,983 direct jobs for Filipinos, up 30.58% from the 25,259 job generation projection in the first half of 2024. PEZA said South Koreans were the biggest investors in the first half of the year, followed by Americans, Chinese, Dutch, and Japanese. In terms of sectoral investments, manufacturing of food and beverage products topped the list, followed by ecozone development and IT-BPM. — VBL, GMA Integrated News
GMA Network
03-06-2025
- Business
- GMA Network
PEZA Board OKs creation of Palawan Mega Ecozone
The Philippine Economic Zone Authority (PEZA) Board has approved the creation of the Palawan Mega Ecozone (PMEZ), set to be biggest of its kind in the Philippines, with 28,000 hectares of idle land in the Iwahig Penal Colony of the Bureau of Correction (BuCor) planned for conversion into industrial estates. According to PEZA, the Board approved the creation of PMEZ during its meeting on May 21, affirming its contract with BuCor to transfer ownership of idle lands to PEZA for the creation of the ecozone. An initial 4,000 hectares has already been transferred to PEZA under Phase 1, with the pre-qualification for the declaration of a 4,000-hectare property located in Barangays Montible and Sta. Lucia, Puerto Princesa also approved for development. "The Palawan Mega Ecozone is envisioned to attract environmentally responsible industries such as agro-industrial processing, renewable energy, ecotourism, and marine biotechnology," PEZA Director General Tereso Panga said in a statement. "This will not only preserve Palawan's rich biodiversity but will also uplift the livelihood of local communities through jobs and infrastructure development," he added. Under the Special Economic Zone Act, ecozones are selected areas with highly developed areas or those which have the potential to be developed into agro-industrial, industrial tourist/recreational, commercial, banking, investment, and financial centers. Business establishments operating within ecozones are entitled to fiscal incentives as provided by the Ombinus Investment Code, and exempted from national and local taxes, except for real property taxes on land owned by developers. They are instead mandated to remit 5% of their gross income—with 3% going to the national government, and 2% to the treasurer's office of the city or municipality. PEZA said the PMEZ is seen to "revive" the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA), and is an immediate response to instructions of the President to promote stronger ties among member states of the Association of East Asian Nations (ASEAN). It is expected to create over 480,000 direct jobs, employing individuals from local communities, persons deprived of liberty (PDLs), and the whole of the Western Visayas and Sulu Regions. Under its mandate, PEZA is tasked to promote the establishment of economic zones in the Philippines for foreign investments. The agency approved 102 new and expansion projects from January to May this year, equivalent to a total investment of P66.34 billion. These are expected to generate over $1 billion in export revenues, and approximately 29,000 direct Filipino jobs. South Korea was the top investing nationality, accounting for 16.12% of total approved investments, followed by the United States with 4.08%, China with 2.20%, Japan with 2.92%, and the Netherlands with 2.16%. In terms of industry, the largest share of approvals were in food and beverage with 43.74%, backed by ecozone development with 32.52%, and information technology-business process management (IT-BPM) with 7.59%. — VDV, GMA Integrated News
South China Morning Post
30-03-2025
- Business
- South China Morning Post
Can the Philippines' become China's ‘plus one' amid South China Sea tensions?
The Philippines is positioning itself as an emerging secondary hub in China-based firms' global supply chains to avoid the brunt of US tariffs, but analysts are split on whether its growing investment appeal can be sustained without deepening strategic vulnerabilities in its fraught relationship with Beijing Advertisement The director general of the Philippine Economic Zone Authority (PEZA), Tereso Panga, said in a social media post on Monday that the Philippines was being eyed as the 'next preferred destination in Asean with the emerging China plus one, plus one business strategy,' referring to the country as a viable investment alternative amid the 20 per cent tariffs imposed on Chinese imports by US President Donald Trump PEZA is the agency that administers special economic zones in the Philippines and promotes foreign investments. Panga added that the China plus-one strategy had 'evolved into C plus two', with the Philippines now the preferred 'plus-one' location in Asean for companies relocating from China. Vietnam had historically been the first choice for China-based companies for expansion due to its proximity, he said, a sentiment that was made clear during PEZA's meetings in various Chinese cities, including Xiamen, Chongqing Shenzhen , and Dongguan , where officials presented investment opportunities in the Philippines. Advertisement
