The Philippine Economic Zone Authority (PEZA), a government-owned and controlled corporation (GOC ) under the Department of Trade and Industry (DTI) breached the P200 billion target investments for 2024 with P201.55 billion in investment approvals as of November 2024.
“We commend all our stakeholders for this remarkable achievement. This success reflects the strong economic fundamentals of the ‘Bagong Pilipinas’ agenda led by the President, which are driving the growth of foreign direct investments in the country. This growth will significantly contribute to job creation both within and outside the ecozones,” said Trade Secretary and PEZA chair Cristina Roque.
The November 2024 investment approvals represent a 43.06 percent increase compared to P140.88 billion compared to the same month in 2023, and a 14.7 percent rise from the total investments of P175.71 billion for 2023.
From January to November 2024, PEZA approved 239 new and expansion projects, generating over $3.9 billion in potential export revenues and creating more than 70,000 jobs.
The significant increase in project approvals is about 21.31 percent growth in new and expansion projects, a 14.07 percent increase in export potential, and a 110.83 percent surge in employment opportunities.
In November alone, PEZA approved 41 new and expansion projects with a combined investment of P77.79 billion, which are expected to drive $831.019 million in exports and create 30,623 direct jobs.
The 17 projects cover a straddle several industries, including 10 in export manufacturing, four in the IT-BPM sector, two in facilities development, and one in ecozone development.
The projects located in Batangas, Laguna, Cebu, Cavite, Rizal, Pampanga, and Negros Oriental, underscoring the regional spread of economic growth.
PEZA director general Tereso Panga reported the growth in investment approvals following the agency’s board meeting on Nov. 29, 2024, at the Cavite Economic Zone.
“As anticipated, investment approvals have accelerated in the last quarter of the year. With P201 billion already achieved, and one more board meeting to go in December, this reflects sustained investor confidence in the Philippines and in PEZA. This confidence is fueled by the government’s investor-friendly policies and the ease of doing business within our zones,” said Panga.
In addition to attracting major investments, PEZA is committed to supporting micro, small, and medium enterprises (MSMEs).
The agency approved six Filipino MSME projects from January to November 2024, which are expected to bring in P238.121 million in investments and create 356 new jobs.
