PEZA approves P36.827-billion investments in May 

The Philippine Economic Zone Authority (PEZA) continues to drive economic growth and employment with the approval of 95 new and expansion projects from January to May 2024, valued at a staggering PhP 36.827 Billion in investments with projected exports of more than US$1 Billion and about 19,000 in direct employment from January to May of this year.

These projects, greenlit by the PEZA Board chaired by Trade Secretary Alfredo Pascual, signify a resounding vote of confidence in the Philippines' business climate and economic potential.

"The rise in the number of approved projects emphasizes PEZA's pivotal role in catalyzing investment inflow and fostering sustainable employment across various sectors," remarked PEZA Director General Tereso O. Panga.

The direct employment flourished significantly as compared to the same period last year, registering a remarkable surge of 62.59%, reflecting PEZA's commitment to generating meaningful employment opportunities for Filipinos.

With the continued influx of investments and the robust approval of new projects, PEZA is positive that the Philippine economy is still poised for substantial growth in the coming years. This surge is expected to bolster various industries, particularly in manufacturing and IT-BPM sectors, thus enhancing the country's competitive edge in the global market.

The first two months of Q2 2024 already surpassed the PhP 14.95 Billion approvals in Q1 2024, recording a 4.63% increase with the PhP 21.875 Billion investment approvals.

Moreover, the consistent rise in employment rates also suggests a positive trajectory for consumer spending and economic stability, which in turn may attract further foreign direct investments.

Board Approvals for May 2024

On 31 May 2024, the PEZA Board approved 22 new and expansion projects expected to bring in PhP 6.872 billion worth of investments. These projects are anticipated to generate $100.806 Million in exports and create 4,616 direct employments. The approvals reflect an increase of 10% in new and expansion projects from 20 approved in May 2023, and a 3.04% increase in direct employment from 4,438 recorded in the same month last year.

Diving deeper into the specifics, these 22 projects encompass various industries, with 19 locator companies and 3 ecozone developers. Export manufacturing takes the lion's share with ten (10) projects, followed closely by nine (9) in IT-BPM, two (2) in domestic markets, and one (1) focusing on facilities development.

For this board, one Japanese enterprise registered a whopping PhP 3.9 Billion big-ticket project into the manufacturing of semi-conductor devices and other electronic components in Cebu.

CALABARZON continues to be the hotspot for investment, with 12 projects slated for areas within Laguna, Cavite, and Batangas. The National Capital Region (NCR) follows suit, with Taguig and Quezon City each securing three (3) projects, highlighting the metropolis' continued allure for investors. Outside of Luzon, three (3) projects will be located in Region VII (Cebu), two (2) projects in Region VI (Bacolod and Iloilo), one (1) in Region III (Pampanga), and one (1) in Region XI (Davao del Norte).

In addition to the geographical distribution, the diversity in the types of projects accentuates the dynamic nature of investments flowing into the Philippines. From high-tech manufacturing plants to cutting-edge IT-BPM facilities, the spectrum of approved projects reflects a broad-based confidence in the country's economic infrastructure. This variety not only provides robust employment opportunities but also enhances the overall resilience of the Philippine economy, making it less susceptible to sector-specific downturns.

“Guided by the investment strategies of no less than President Ferdinand E. Marcos Jr., we shall continue to strengthen our investment attraction and facilitation efforts to continue promoting the Philippines as an enviable destination in the region,” expressed the PEZA Chief.