THE PHILIPPINE Economic Zone Authority (PEZA) will “definitely” set a new record for investment approvals this year, driven by an influx of investors shifting their operations to ecozones.
“We have some more months to go, definitely, we will exceed (the record),” PEZA Director-General Tereso O. Panga told reporters on the sidelines of the 15th Arangkada Philippines Forum Friday.
At the end of September, investment approvals stood at P297.14 billion, nearing its P300-billion full-year target.
PEZA’s record was posted in 2012, when approvals hit P311 billion.
Mr. Panga said that at least P10 billion worth of investments are set for approval in the board meeting next week.
“We now see the trend that many of these companies are shifting production out of China,” Mr. Panga said.
In New Clark City, PEZA expects to sign three big-ticket projects involving semiconductors and hyperscale technologies.
“Three more big-ticket projects will be applied within the year, with each locator investing a minimum of P50 billion,” Mr. Panga told the forum.
He added that a Japanese electronics investor is considering a $1-billion expansion at the Laguna Technopark.
“They paid a courtesy visit to (Finance Secretary [Frederick D. Go,) and we accompanied them. It a big Japanese investor,” Mr. Panga said.
He also noted that several IT ecozone applications in Metro Manila await presidential proclamation.
President Ferdinand R. Marcos, Jr. issued Administrative Order (AO) No. 45 in July, which directs the PEZA Board to accept, process and evaluate all applications for IT centers and parks in Metro Manila.
“As a result of that, we expect more GCCs (global capability centers) coming to the Philippines,” he said.
Mr. Panga noted that current IT park applications for ecozone status serve industries like tourism, food & beverage, and gaming software development.
Next year, PEZA expects investment approvals to come from electric vehicle transport and electronics.
“We are now diversifying. This is not your usual, assembly, testing and packaging. We’re going into high-tech,” he said. — Beatriz Marie D. Cruz