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The Philippine Economic Zone Authority approved 4.21% more investments totaling P115.887 billion from January to September
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For the period, PEZA greenlit 179 new and expansion projects, up 24.31% year-on-year
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Projects are expected to generate $2.513 billion in exports (5.47% more year-on-year) and boost employment by 35,871 direct jobs (up 55.82%)
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PEZA director general Tereso Panga said the agency remains positive the target of P200-billion for 2024 will be achieved
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In September alone, investments surged 285% to P54.191 billion compared to P14 billion year-on-year
The Philippine Economic Zone Authority (PEZA) has approved 4.21% more investments totaling P115.887 billion from January to September, the agency said in a statement.
During the period, PEZA greenlit 179 new and expansion projects, up 24.31% year-on-year. These projects are expected to generate $2.513 billion in exports (5.47% more year-on-year) and boost employment by 35,871 direct jobs (up 55.82%).
PEZA director general Tereso Panga said the agency remains positive the target of P200-billion for 2024 will be achieved.
In September alone, investments surged 285% to P54.191 billion compared to P14 billion year-on-year with a boost in exports of 20.98% over the same period to $541.04 million.
Approved new and expansion projects for September numbered 16 and expected to provide 4,044 new jobs.
New projects from January to September were in the manufacturing sector (88), information technology-business process management (45), ecozone development (21), facilities (11), logistics (8), domestic (five), and utilities (one).
A total of 148 are located in Luzon (Albay, Bataan, Batangas, Camarines Sur, Cavite, Laguna, National Capital Region, Pampanga, and Tarlac); 23 in Visayas (Bacolod, Bohol, Cebu, Dumaguete, and Iloilo); and eight in Mindanao (Agusan del Sur, Davao, General Santos, and Misamis Oriental).
“These figures underscore the aggressive and sustained momentum of PEZA’s investment promotion efforts, reflecting its commitment to driving economic development through foreign direct investments, increased exports, and local enterprise growth,” according to agency officials.
Moreover, this month’s board meeting saw the approval of a P50-billion project, PEZA’s first big-ticket investment under the Marcos Jr. administration, which may be eligible for an incentive package for highly desirable projects under the CREATE Law.
In addition, a significant new ecozone development project was approved, led by a fully Filipino-owned developer with a total investment of P988.287 million. The project is designed to enhance operations and growth of locator companies in Lipa, Batangas.
READ: PEZA greenlights 144 projects worth P54.716B from Jan-July 2024
