PEZA reports surge in H1 2024 project approvals

The Philippine Economic Zone Authority (PEZA) reported a notable increase in the number of projects registered in the first half of 2024.

Between January and June, PEZA registered 120 projects, marking an 18 percent increase from the 102 projects approved during the same period in 2023.

“The approval of these projects signals robust confidence in the Philippines' business environment and economic potential,” PEZA Director General Tereso Panga stated in a news release.

The top five sources of foreign investment pledges were the Cayman Islands with PHP8.86 billion; Japan with PHP8.02 billion; Malaysia with PHP4.53 billion; Hong Kong with PHP1.62 billion; and Singapore with PHP1.27 billion.

Among the newly registered projects, 57 are in manufacturing, 32 in information technology and business process management, 13 in ecozone development, nine in facilities, six in domestic enterprises, and three in logistics activities.

A significant portion of the investments is set to be made outside Metro Manila, with PHP22 billion allocated to Calabarzon, PHP13.28 billion to Central Luzon, PHP5.47 billion to Central Visayas, and PHP1.72 billion to Soccsksargen. The National Capital Region will receive PHP1.56 billion.

Despite the increased number of projects, the total investment amount of PHP45.48 billion is 43 percent lower than the PHP80.56 billion approved in the first half of 2023. However, Panga noted that the new projects are expected to create more jobs.

The 120 projects are anticipated to generate 25,259 new jobs, a 64 percent increase from the 15,424 jobs created by investment pledges in the first six months of 2023.

“Creating more jobs for Filipinos signifies the agency’s proactive efforts in positioning the Philippines as a premier investment destination in Asia, aligned with the DTI (Department of Trade and Industry) agenda of promoting employment opportunities through investment growth,” Panga said.

These additional projects are expected to boost exports by USD1.61 billion.

“Following the strategic investment generation and FDI collaboration plans of our government spearheaded by President Ferdinand R. Marcos Jr., we are optimistic about enhancing and strengthening our efforts even more to secure partnerships from a large number of investors in different industries, contributing to the continuous boost in the Philippines’ economic growth and progress,” Panga added.