The Philippine Economic Zone Authority (PEZA) said Thursday it approved P36.82 billion in cumulative investments in the first five months of 2024, down by 23 percent from P48 billion it registered in the same period in 2023.
PEZA director-general Tereso Panga said in a statement Thursday these included 22 new and expansion projects approved by the PEZA board in May 2024, representing a 10-percent increase from the 22 projects approved in May 2023.
“The rise in the number of approved projects emphasizes PEZA’s pivotal role in catalyzing investment inflow and fostering sustainable employment across various sectors,” said Panga.
The 22 new and expansion projects have combined investments of P6.87 billion and are expected to yield $100.8 million in export receipts and generate 4,616 direct employment. This marked a 3.04-percent increase in direct employment from 4,438 recorded in the same month last year.
Approved projects in May included 10 export manufacturing projects, 9 IT-BPM projects, 2 domestic markets and 1 on facilities development.
Projected exports from January to May are seen topping $1 billion, with a total of 19,000 direct employment. The expected number of jobs represented a 62.9-percent increase from the same months in 2023.
PEZA said the consistent rise in employment suggests a positive trajectory for consumer spending and economic stability, which may attract further foreign direct investments.
CALABARZON remained the hotspot for investment, with 12 projects earmarked for Laguna, Cavite and Batangas; 3 each in Taguig and Quezon City; 3 in Cebu; 2 in Bacolod and Iloilo; 1 in Pampanga; and 1 in Davao del Norte.
PEZA said the investment projects ranged from high-tech manufacturing plants to cutting-edge IT-BPM facilities, reflecting a broad-based confidence in the country’s economic infrastructure.
Panga said the complementary mix of projects not only supports robust employment opportunities but also enhances the overall resilience of the Philippine economy, making it less susceptible to sector-specific downturns.
