PASAY CITY – The Philippine Economic Zone Authority (PEZA) is on course to reach its PHP 200 billion investment target for 2024, driven by a strong performance in the first three quarters of the year.
As of October 2024, PEZA has approved PHP 123.756 billion worth of investments, reflecting continued investor confidence in the country’s economic zones.
In its October 18, 2024 Board Meeting, PEZA approved PHP 7.869 billion in new investments from 19 projects. These projects are expected to generate $562.624 million in exports and create 4,862 direct jobs. The investments span across manufacturing, IT, ecozone development, and logistics services in key locations including Pampanga, Laguna, Iloilo, and Cebu.
From January to October 2024, PEZA approved 198 new projects, surpassing the 169 projects approved during the same period last year. These projects are forecast to generate $3.075 billion in export revenue, exceeding last year’s $3.025 billion, while creating 40,733 direct jobs, a 42.82% increase from 2023.
PEZA Director General Tereso O. Panga emphasized the agency’s commitment to attracting strategic investments that align with the country’s growth goals.
“We are more than halfway to our target, thanks to the continued trust of investors in the Philippines. Through upcoming investment missions, we aim to exceed our target and further boost the country’s export performance and competitiveness under the President’s vision of Bagong Pilipinas,” Panga said.
Among the key projects is the expansion of the Light Industry & Science Park IV – Special Economic Zone in Batangas, covering over 30 hectares with a project cost of PHP 1.753 billion. Another major initiative is the establishment of the Zen Industrial Pharma Ecozone in Tarlac City, with a project cost of PHP 81.633 million. This zone will house Lloyd Laboratories’ drug export manufacturing facility in partnership with an American pharmaceutical company.
These ecozone projects are expected to elevate the country’s pharmaceutical sector and boost socio-economic development by creating jobs and attracting more foreign investments.
PEZA remains optimistic about surpassing its PHP 200 billion goal by year-end, as it continues to streamline processes and improve the investment climate for global investors.
