The Philippine Economic Zone Authority (PEZA) said it is on track to meet this year's P250 billion investment pledge target.
PEZA Director General Teresa O. “We are optimistic because we are targeting P250 billion, but the more ambitious target is P300 billion,” Panga told reporters on the sidelines of the Philippine Semiconductors and Electronics Convention and Exhibition on Tuesday.
“With three or four board meetings still to go, we hope we can secure more investment.”
Mr. Panga said that as of the end of October, PEZA has approved investment promises worth more than P170 billion. In October, investment approvals stood at P20 billion.
PEZA has not yet released details of investment approvals for October.
Mr Panga noted a decline in Ecozone exports of finished electronic products to the US as demand declined due to reciprocal tariffs.
“We have companies that have reduced their production for export to the US because there has been a huge decline in demand for their products; hence, there is a need to reduce this,” he said.
The US began imposing 19% tariffs on Philippine goods on August 7.
He said the uncertainty over US tariff policy is “a cause for concern”.
US President Donald J. Trump also threatened to impose regional tariffs of up to 300% on chips.
Currently, the 19% tariff imposed by the US on Philippine-made goods does not cover semiconductor exports.
“We expect it to remain this way for EMS (Electronics Manufacturing Services) products, being our largest region in the Philippines.”
Meanwhile, PEZA has yet to see the impact of the infrastructure corruption scandal on investment pledges.
“As we speak, it is positive for PEZA when it comes to investments, exports and jobs. Investments are increasing, upward, so we have not felt that yet,” Mr. Panga said. , Beatriz Marie D. Cruz
