Manila: The Philippine Economic Zone Authority (PEZA) has expressed optimism regarding a significant rebound in foreign direct investment (FDI) inflows during the final quarter of the year. "We are optimistic that foreign direct investment (FDI) inflows to the Philippines will strongly rebound in the final quarter of the year, despite the 14.5% contraction in FDI inflows reported by the BSP (Bangko Sentral ng Pilipinas) in August," stated PEZA Director General Tereso Panga in a recent announcement. According to Philippines News Agency, PEZA's latest data reveals an encouraging uptick in the number of projects receiving backing from foreign equity, sourced from both new and existing ecozone investors. As of October this year, PEZA reported approval of PHP91.8 billion in foreign equity from ecozone locator and developer projects, marking a 20.7 percent increase compared to the PHP76 billion recorded in the same period last year. Ecozone FDI now accounts for approximately 74 percent of PEZA's total investment pledges for January to October 2024, a significant rise from 54 percent in 2023. Director General Panga highlighted the swift setup time for ecozone manufacturing facilities, indicating that some projects are expected to commence construction and commercial production within the current year. The recently enacted Corporate Recovery and Tax Incentives for Enterprises Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act is anticipated to further stimulate FDI inflows, boosting growth within the country's economic zones. "This momentum in ecozone FDI should contribute significantly to higher realized foreign investments, impacting the country's balance of payments positively through current and financial account transactions from export-oriented ecozone companies," Panga elaborated. PEZA remains confident in achieving its PHP200-billion investment target for the year, a goal that promises to drive sustained economic growth and opportunity throughout the Philippines.