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The Philippine Economic Zone Authority approved investments of P123.756 billion from January to October 2024, down from the same period last year’s P131.756 billion
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For October alone, P7.869 billion in new investments were green lit, down sharply from P20.5 billion year-on-year
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There were 198 projects approved from January to October, exceeding the 169 approved during the same period in 2023
The Philippine Economic Zone Authority (PEZA) is on course to achieve its P200-billion investment target for 2024.
From January to October 2024, PEZA recorded P123.756 billion in approved investments, but this is down from P131.756 billion from the same period last year.
For October alone, P7.869 billion in new investments were approved, projected to generate $562.624 million in exports and create 4,862 direct jobs, PEZA said in a statement.
The October figure is down sharply from P20.5 billion approved year-on-year.
The October approvals cover 19 new and expansion projects, including eight manufacturing projects, eight IT-related ventures, two ecozone development initiatives, and one ecozone logistics service project. The investments are spread across various regions, namely Pampanga, Laguna, Cavite, Cebu, Iloilo, Taguig, Muntinlupa, Makati, Batangas, Quezon City, and Tarlac.
The projects cover a wide range of sectors, from fabricated metal products, computer programming, commercial printing, electronics, and semiconductor devices to warehousing, transportation support activities, office support, and plastic products.
New projects from January to October reached 198, exceeding the 169 projects approved during the same period in 2023.
These projects are expected to generate $3.075 billion in export revenue, surpassing last year’s $3.025 billion. Additionally, the approved projects are expected to create 40,733 direct jobs — a 42.82% increase from the 28,521 jobs generated in the same period last year.
The agency said two major ecozone development projects have also been approved. The Light Industry & Science Park IV-Special Economic Zone in Batangas will expand by 30.8 hectares, with a project cost of P1.753 billion. The development, which began in January 2024, is expected to be completed by December 2026, creating both direct and indirect jobs during its construction and operation.
The Zen Industrial Pharma Ecozone in San Miguel, Tarlac City, is a P81.633-million venture aimed at elevating the country’s pharmaceutical sector. It is set to begin in January 2025 and will be completed by November 2026.
The pharma ecozone will create 34 direct jobs, employ 27 workers, and strengthen the country’s position as a hub for pharmaceutical manufacturing and research, particularly with Lloyd laboratories’ drug export manufacturing facility in partnership with an American pharmaceutical company.
“We are more than halfway to our target, thanks to the continued trust of investors in the Philippines. Through upcoming investment missions, we aim to exceed our target and further boost the country’s export performance and competitiveness under the President’s vision of Bagong Pilipinas,” PEZA director general Tereso Panga said in a statement.
