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The Philippine Economic Zone Authority has approved 144 projects worth a total of P54.716 billion for the first seven months of the year
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The projects are 60.4% higher year-on-year and are expected to generate 29,524 jobs and $1.875 billion worth of exports
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The January to July investment total, however, is 43.7% lower than the P97.163 billion recorded in January to July 2023
The Philippine Economic Zone Authority (PEZA) has approved 144 projects worth a total of P54.716 billion for the first seven months of the year.
The projects are 60.4% higher year-on-year and are expected to generate 29,524 jobs and $1.875 billion worth of exports. The January to July investment total, however, is 43.7% lower than the P97.163 billion recorded in January to July 2023.
Of the 144 projects, 24 new and expansion projects were approved by the PEZA Board during its meeting on August 7 and are expected to bring in P9.235 billion worth of investments, $264.783 million in exports, and 4,265 employment opportunities for Filipinos.
PEZA said these approvals mark a substantial 60% increase in new and expansion projects compared to the 15 approvals last July 2023 and a 42.98% increase in employment compared to the 2,983 opportunities generated during the same period last year.
The 24 approved projects consist of 14 involved in export manufacturing, four in information technology-business process management, two in facilities development, one into domestic market, and three into ecozone development.
Of the total, 18 are located in CALABARZON, particularly in Laguna, Batangas, and Cavite. Four projects are in Cebu while the remaining two are in Bataan.
PEZA noted two of these projects are 100% Filipino ecozone developers worth P4.675 billion in combined investments, focused on the facilitation of locator companies in Bataan and Cavite.
“The continuous rise in the number of new and expansion projects signify the international arena’s confidence in the Philippines’ business environment and economic potential. Moreover, our proactive efforts in establishing the country’s place as the go-to investment hub in the region plays a vital role in the ceaseless cycle of employment generation for our fellow Filipinos, paving the way for a better and brighter future not only for their families, but also for the nation’s success,” PEZA director general Tereso Panga said in a statement.
The PEZA Board is slated for another meeting by the end of the month.
READ: PEZA highlights logistics, infra initiatives to attract US companies
