PEZA BARES PBBM’S FOREIGN TRIPS RESULT IN MORE FOREIGN INVESTMENTS

By Junex Doronio

MANILA — Debunking unfounded criticisms that President Ferdinand “Bongbong” Romualdez Marcos Jr was just “jet-setting”, the Philippine Economic Zone Authority (PEZA) has disclosed that it approved the P2.845-billion investments for March, with almost half of it coming from the President’s foreign trips.

PEZA Director General Tereso Panga has revealed that approval of the investments came after the board meeting last Friday (15 March 2024).

“Ganoon ho kami ka- bullish ngayon. Kahapon (Friday), nagkaroon ho kami ng board meeting and for March, ngayon ko lang po… if you will allow me, I will now share with the media our approval – just yesterday, our board meeting, we added another P2.845 billion,” Panga said on Saturday (16 March 2024) in a news forum.

He pointed out that it is 21.8 percent higher than in the same period last year at P2.343 billion.

“If you will sum up our first quarter performance, January to March, already January to March – P14.951 billion in investments; P14.951 billion in investments, which is 19.25 percent higher than P12.537 billion achieved in the same period last year,” Panga explained.

The PEZA chief said Marcos Jr.’s foreign trips proved to be beneficial to the country’s economy.

PBBM, who just returned from a working visit to Germany and an official visit to the Czech Republic, has attracted more investments.

Panga noted the foreign trips of the President have attracted more investments, with the latest from Germany and the Czech Republic. He said that based on PEZA’s running of figures, it could easily be at 43 percent of its P175.7 billion, or roughly P75 billion.

In 2023, the Philippines achieved a high investment rate – 25 percent growth, or PhP175.7 billion, increasing from the P140.7 billion base figure in 2022. Last year, it posted a 25 percent increase to P175.7 billion.

Panga said all PEZA’s current indicators are up for exports and employment, manifesting the Philippines’ upward trajectory for 2024, which is something that is expected for the year and onwards because of its excellent gross domestic product (GDP) performance since 2022.

“The Philippines happens to have the highest GDP growth rate in ASEAN since ’22 po – for three years in a row now. That makes the Philippines one of the best-performing economies in the region,” he said.

(el Amigo/MNM)