PEZA approves P6.9-billion new and expansion projects in August

In August 2024, the Philippine Economic Zone Authority (PEZA) approved 21 new and expansion projects totaling PHP6.9 billion, reflecting continued investor confidence in the Philippines.

Vivian Santos, PEZA's deputy director-general for operations, highlighted the significance of this investment influx at a business forum organized by the Japan International Cooperation Agency (JICA). "The PHP6.9 billion in new and expansion projects approved in August demonstrates the growing confidence of investors in the Philippines," Santos said.

The approved projects cover a diverse range of sectors, including six in manufacturing, six for IT enterprises, four in ecozone development, and single projects in agro-industrial facilities, enterprise, ecozone utilities, ecozone domestic enterprise, and ecozone logistics services.

Japanese investors continue to play a pivotal role, contributing significantly to PEZA’s performance as an investment promotion agency. Japan accounts for 28 percent of total investments in the economic zones, with contributions exceeding PHP798 billion. These investments have also generated $16.3 billion in exports and created 342,845 jobs across 877 registered businesses.

Despite this positive news, PEZA reported a 77-percent decline in investment pledges for the first seven months of 2024, with totals dropping to PHP54.72 billion from PHP97.16 billion in 2023. The number of registered projects also decreased slightly, from 117 to 114.

Santos emphasized that, despite the overall downturn in investment pledges, the substantial approvals in August signify robust investor interest and a resilient economic outlook for the Philippines.