PEZA approves more projects in H1 2024

MANILA: The Philippine Economic Zone Authority (PEZA) reported higher number of projects registered in the first half of the year. From January to June, PEZA registered 120 projects, which was 18 percent higher than the 102 projects it approved in 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 said in a news release. The top five foreign sources of the investment pledges are Cayman Islands with PHP8.86 billion; followed by Japan, PHP8.02 billion; Malaysia, PHP4.53 billion; Hong Kong, PHP1.62 billion; and Singapore, PHP1.27 billion. Fifty-seven of the newly-registered projects are in manufacturing, 32 in information technology and business process management, 13 ecozone development, nine facilities, six domestic enterprises and three logistics activities. A big chunk of the investments are being poured in outside Metro Manila, with PHP22 billion to be invested in Calabar zon; PHP13.28 billion in Central Luzon, PHP5.47 billion in Central Visayas, and PHP1.72 billion in Soccsksargen. The National Capital Region has a PHP1.56-billion share of the pie. However, in terms of capital that the projects pledged to invest, the PHP45.48 billion investments is lower by 43 percent from PHP80.56 billion approvals in H1 2023. Panga noted that despite the lower value, the projects will create more jobs. The 120 projects are expected to add 25,259 new jobs in the labor market, 64 percent higher than the 15,424 jobs that were created from the investment pledges during the first six months of 2023. 'Furthermore, 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,' he said. The additional projects are expected to boost exports by USD1.61 billion. 'Following the strat egic investment generation and FDI collaboration plans of our government spearheaded by President Ferdinand R. Marcos Jr., we are positive in enhancing and strengthening our efforts even more to secure partnerships from a large number of investors in different industries for the continuous boost in the Philippines' economic growth and progress,' Panga said. Source: Philippines News Agency