As Board Chairman of the Philippine Economic Zone Authority (PEZA), Trade Secretary Fred Pascual praised PEZA’s top-performing economic zone developer and locator companies during the Investors’ Recognition Day held on 25 November 2022.
In its 27th year, PEZA serves as a primary government agency that handles investment promotion in the export industry and ecozone developments in the country. The Authority is one of the top investment promotion agencies (IPAs) which established a variety of free zones to special economic zones (SEZs) nationwide, counting 419 to date.
During his speech, Secretary Pascual underscored the valuable contributions of the Country’s investors and other stakeholders present at the event. The Trade Chief said, “Together with PEZA, I proudly applaud our respected and resolute investors and partners in investment promotions for your exemplary performance. You have contributed immensely to Philippine investments, export income, and creating millions of jobs for Filipinos.”
According to Secretary Pascual, sectors in the export industry such as manufacturing, IT-BPOs, agro-industries, logistics and support services, MSMEs, utility providers, and ecozone developers are the main beneficiaries of these investments.
“Your investments enable the transfer of technology, help diversify Philippine economic industries and market, boost innovations, and integrate us further to the global supply chain,” he added.
The Trade Chief also highlighted the long-standing partnership between the Department of Trade and Industry and PEZA, noting that the two economic machineries of the government can work hand in hand in transforming the country and making it a top investment destination not only in the region but across the globe.
From January to September 2022, PEZA made investments for the Philippines amounting to USD700 million, generated USD43.166 billion in exports, and employed more than 1.8 million workers.
Further, Secretary Pascual mentioned that these numerical indicators are a testament that economic zones undoubtedly play a crucial role in attracting FDIs to continuously produce the much-needed jobs, exports, revenues, and other economic opportunities for the Philippines.
