By Francis Allan L. Angelo
The Philippine Economic Zone Authority (PEZA) registered an impressive PHP36.827 billion in investments from January to May 2024, bolstering the country’s economic growth with 95 new and expansion projects.
These investments are projected to generate over US$1billion in exports and create approximately 19,000 direct jobs.
Trade Secretary and PEZA Board Chair Alfredo Pascual emphasized the importance of these investments, stating they reflect 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,” said PEZA Director General Tereso O. Panga.
Comparatively, direct employment saw a significant surge of 62.59% from the same period last year, showcasing PEZA’s commitment to creating meaningful employment opportunities for Filipinos.
In the first two months of Q2 2024 alone, investment approvals surpassed those of Q1, recording a 4.63% increase with PHP21.875 billion. This continuous investment influx suggests a promising outlook for the Philippine economy, particularly in the manufacturing and IT-BPM sectors, enhancing the country’s global market competitiveness.
On May 31, 2024, the PEZA Board approved 22 new and expansion projects worth PHP6.872 billion. These projects are expected to generate US$100.806 million in exports and create 4,616 direct jobs, marking a 10% increase in project approvals and a 3.04% rise in employment from May 2023.
The approved projects span various industries, including 19 locator companies and three ecozone developers. Export manufacturing leads with ten projects, followed by nine in IT-BPM, two in domestic markets, and one in facilities development.
Notably, a Japanese enterprise invested PHP3.9 billion in a semiconductor manufacturing project in Cebu.
CALABARZON remains a prime investment destination, hosting 12 projects in Laguna, Cavite, and Batangas.
The National Capital Region follows with six projects in Taguig and Quezon City. Other investments are distributed across Region VII (Cebu), Region VI (Bacolod and Iloilo), Region III (Pampanga), and Region XI (Davao del Norte).
The diverse range of projects underscores the dynamic nature of investments in the Philippines, from high-tech manufacturing to IT-BPM facilities. This variety not only boosts employment but also strengthens the economy’s resilience, making it less vulnerable to sector-specific downturns.
