The Philippine Economic Zone Authority (PEZA) yesterday reported investments approval in the first three quarters of the year grew 5 percent to P115.887 billion from P111 billion in the same period in 2023.
In a statement, PEZA said these investments would generate $2.5 billion in annual exports and would create 35,871 jobs once fully operational.
The investments would be poured into 179 projects.
In its last board meeting on September 23, PEZA approved 16 new and expansion projects which expected to bring in approximately P54.191 billion in investments, the largest investment approvals in a single month for the year.
In this latest board meeting, PEZA said, it registered a P50-billion project, the first big-ticket project under the Marcos administration, which may be eligible for an incentive package for highly desirable projects under the CREATE Law.
PEZA declined to identify the project but said it is engaged in semiconductor manufacturing and will be located in Calamba, Laguna.
This month’s approved projects are expected to generate $541.04 million in exports and provide 4,044 new jobs for Filipinos.
This month’s approval represents a 285- percent increase from the P14 billion registered in September 2023.
Tereso Panga, PEZA director-general, said these numbers strengthen the outlook for reaching the P200 billion investment target of the agency for the year.
Panga highlighted the role of new projects and expansion projects in fueling the country’s economic growth.
“With significant increases across various sectors, the Philippines is poised for an even more robust performance in the final quarter of 2024,” he said.
Of the 179 new projects registered as of the third quarter, 88 are in manufacturing, 45 are in information technology-business process management, 21 are in ecozone development, 11 are facilities, 8 are logistics and five are domestic-oriented enterprises.
