Investments filed at the Philippine Economic Zone Authority (PEZA) soared 232.45 percent to P131.75 billion in the first 10 months of 2023 from P39.63 billion in the same period in 2022.
Data showed, however, that despite the surge in investments, exports went down by 2.64 percent in the 10-month period to $42.05 billion from $43.16 billion, while direct employment decreased to 1,776,389 from 1,798,162 amid the slowdown in global electronics demand.
“There is a slight drop in our actual direct exports and jobs as of August. But we are hopeful that both indicators will recover and achieve a positive growth during the last quarter of the year,” PEZA director-general Tereso Panga said.
“Despite the economic headwinds we are facing, some economists are maintaining their 5-percent growth projection for our annual exports. In PEZA, we haven’t adjusted our 9-percent target increase in ecozone exports given the strong performance of the IT sector and the locators’ start of commercial operations for new and expansion projects,” Panga said.
PEZA said there were 78 new economic zones (ecozone), 36 IT ecozones, 20 ecozone facilities, 13 ecozone development projects, 15 ecozone logistics projects, 5 ecozone domestic market-oriented projects and 2 ecozone utilities.
PEZA now hosts 422 economic zones and 4,352 locator companies. Of the total number of ecozones, 299 are IT parks and centers, 79 manufacturing ecozones, 24 agro-industrial parks, 17 tourism ecozones and 3 ecozones on medical tourism.
The Office of the President (OP) recently proclaimed Robinson’s Cyberpark in Bacolod, expansion Lima Technology Center, expansion of Hermosa Ecozone Industrial Park, Philtai Central Luzon Industrial Park, Felcris Central IT Park, ECCO 4 Building, Lopue’s Mandalagan IT Center, MarianTown in Dumaguete, 9, Naga City Industrial Park and Kamanga Agro-Industrial Economic Zone.
Panga said the combined investments from the newly-proclaimed ecozones generated an additional P3.4 billion for PEZA.
PEZA also actively awaits the proclamation of four ecozones that are still pending with OP. These include special economic zone MetroCas Industrial Estates, Suyo Economic Zone, expansion of the Kamanaga Agri-Industrial Economic Zone and expansion of Lima Technology Center.
Panga said PEZA maintains its forecast of an 8-percent growth in employment, 9-percent increase in exports and 10-percent increase in investments this year.