PEZA approves 144 projects at the start of second half of 2024

he Philippine Economic Zone Authority (PEZA) board formally welcomed the second half of the year with its bi-monthly meeting on Aug. 7 at the PEZA head office.

The agency approved 24 new and expansion projects expected to generate 4,265 jobs and attract P9.235 billion in investments. Projected exports from these projects total $264.783 million.

From January to August, PEZA approved 144 projects, creating 29,524 jobs. This represents a 60.4% increase in employment compared to the same period in 2023. Approved investments reached P54.716 billion, while projected exports totaled $1.875 billion.

“The continuous rise in new and expansion projects reflects the international community’s confidence in the Philippines’ business environment and economic potential,” PEZA Director General Tereso O. Panga said. “Our efforts to position the country as a top investment hub in the region are crucial in creating jobs and improving the lives of Filipinos.”

The Philippines’ gross domestic product grew 6.3% this year, making it the second-fastest growing economy in Asia.

The 24 approved projects cover various industries, including export manufacturing (14), IT-business process management (4), facilities development (2), domestic market (1), and ecozone development (3).

Calabarzon led with 18 projects, followed by Region 7 with four and Central Luzon with two. Two notable projects from 100% Filipino ecozone developers will bring P4.675 billion in investments to Bataan and Cavite.

“PEZA is on track to achieve its long-term goals with continued strategic planning and government support,” Panga said. “The agency’s commitment to economic growth and development is evident in its efforts to attract foreign direct investments.”

The PEZA board holds monthly meetings to discuss investment updates and policies to align with the government’s investment attraction goals.