Philippine Standard Time - Tuesday, May 21, 2024,

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

Monday, February 19, 2024

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 Board Members representing the Department of Finance (DOF), the Department of Labor and Employment (DOLE), the Department of Trade and Industry (DTI) through the Board of Investments (BOI), the Department of Interior and Local Government (DILG), the National Economic and Development Authority (NEDA), and the Department of Environment and Natural Resources (DENR), along with the PEZA Management Officials.

The PEZA Board Members and Management Officials in LIMA Technology Center – Special Economic Zone (LTC-SEZ), Malvar, Batangas

PEZA Director General Tereso O. Panga reporting on the latest investment performance for the first two months during the Board meeting

Aboitiz InfraCapital’s brief welcome to the PEZA Management Officials in LTC-SEZ

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.”

 

The PEZA Board with the Epson Precision (Philippines), Inc. and Aboitiz InfraCapital Senior Vice President Rafael Fernandez De Mesa

PEZA Director General Tereso O. Panga during the site visit at the Epson Precision (Philippines), Inc.

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.

The PEZA Board with the Grandsun Advanced Electronics (Philippines) Co. Inc. and  Aboitiz InfraCapital Senior Vice President Rafael Fernandez De Mesa

PEZA Director General Tereso O. Panga during the site visit at the Grandsun Advanced Electronics (Philippines) Co. Inc.

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.

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