The Philippine Economic Zone Authority (PEZA) is keeping its P200-billion investment target for 2024, despite a 6.4-percent decline in registrations to P123.756 billion in the first 10 months of 2024.
Based on data from PEZA, investments from January to October 2023 reached P131.756 billion.
Exports went up by 16.26 percent to $3.075 billion from 3.025 billion, while employment increase 30 percent to 40,733 from 28,521 workers.
PEZA approved 198 projects so far, or 14.6 higher than 169 in 2023.
The PEZA board said it approved P7.829 billion in new investments as of Oct. 22, down by 161.32 percent from P20.54 billion in the same period in 2023.
Exports declined by 14.34 percent to $561.507 million from $643.32 million in 2023, while jobs generated dropped 13.1 percent to 4,862 from 5,500. The number of projects totaled 19, or 7.5 percent than 25 projects registered in October 2023.
The newly-approved projects include the expansion of Light Industry & Science Park IV (LISP IV-SEZ) in Batangas, covering 30.8065 hectares and costing P1.75 billion.
Another major project is a pharmaceutical zone in Tarlac province, with a project cost of P81.633 million.
PEZA director-general Tereso Panga remained hopeful about the agency’s progress and reiterated its commitment to attracting investments and driving economic growth.
“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,” he said.
