The Philippine Economic Zone Authority (PEZA) has hit its PHP200-billion investment approvals target earlier than expected as the full-year goal was achieved as early as end-November this year.
From January to November 2024, investment pledges in PEZA reached PHP201.55 billion, 43.1 percent higher than the PHP140.88 billion approvals in the same period last year.
These investment commitments came from 239 new and expansion projects within the first 11 months of the year.
These projects are expected to generate over 70,000 direct jobs and boost exports by USD3.9 billion annually.
“As expected, investment approvals would pick up in the last quarter of the year. So far, we have already achieved PHP201 billion, with one more board meeting left in December,” PEZA Director General Tereso Panga said in a statement Monday.
“This only proves that investor confidence in the Philippines and in PEZA continues to thrive due to the government’s investor-friendly policy direction partnered with the ease of doing business inside our zones.”
For November 2024 alone, the PEZA Board approved 41 projects amounting to PHP77.79 billion, surging by 752.25 percent from PHP9.13 billion in the same month last year.
These projects will create 30,623 jobs within PEZA ecozones and additional annual export revenues of USD831.02 million.
Of the 41 project approvals in November, 22 were in the manufacturing sector, 10 information technology and business process management, three facilities development, two domestic enterprises, two ecozone developments, and one each for utilities and logistics.
Two big-ticket projects boosted PEZA approvals last month, with combined investments of PHP60.25 billion.
Panga said with the approval of the CREATE MORE bill, or the Corporate Recovery and Tax Incentives for Enterprises Maximize Opportunities for Reinvigorating the Economy, as championed by Special Assistant to the President for Investment and Economic Affairs Secretary Frederick Go, the law “gives more leverage in promoting the Philippines as the best investment hub in Southeast Asia”.
The PEZA chief added the country is now gaining investment interests from non-traditional foreign investment sources such as the Middle East and Africa.
“We are bridging the East with the West and I foresee the positive performance trajectory being sustained further in the coming year,” Panga said.
“We laud the performance of all our stakeholders for this remarkable achievement. This accomplishment shows that solid economic fundamentals of the ‘Bagong Pilipinas’ agenda championed by the President, which are effectively driving the growth of foreign direct investments in the country. This will bode well for job creation within and outside the ecozones,” Trade Secretary and PEZA Chair Cristina Roque said in a separate statement. (PNA)
