The Department of Trade and Industry (DTI), through its attached agency, the Philippine Economic Zone Authority (PEZA), achieved a milestone in November 2024 with a record-breaking PHP201.551 billion in investment approvals. This figure surpasses PEZA’s annual target of PHP200 billion, signaling unprecedented investor confidence in the Philippines.
DTI Secretary and PEZA Chair Cristina Roque lauded the achievement, emphasizing the government’s focus on economic stability and growth.
“This accomplishment shows that solid economic fundamentals of the ‘Bagong Pilipinas’ agenda championed by the President are effectively driving the growth of foreign direct investments in the country,” Roque said. “This will bode well for job creation within and outside the ecozones.”
Significant Growth in Investments and Employment
The November figure marks a 43.06% increase from the PHP140.88 billion approved in November 2023 and a 14.7% rise from the PHP175.71 billion recorded for the whole of 2023. It reflects a surge in investment inflows and underscores the Philippines’ growing appeal as a global investment hub.
From January to November 2024, PEZA approved 239 new and expansion projects, generating potential export revenues of over USD3.9 billion and creating more than 70,000 direct jobs. This represents a year-on-year increase of 21.31% in projects, 14.07% in exports, and a staggering 110.83% growth in employment opportunities.
In November alone, 41 new and expansion projects were approved, contributing PHP77.794 billion in investments. These projects are expected to drive USD831.019 million in export revenues and create 30,623 direct jobs.
PEZA Director General Teresito Panga attributed this performance to the government’s investor-friendly policies and streamlined processes.
“As expected, investment approvals would pick up in the last quarter of the year. So far, we have already achieved PHP201 billion, with one more board meeting left in December,” Panga said. “This only proves that investor confidence in the Philippines and in PEZA continues to thrive due to the government’s investor-friendly policy direction partnered with the ease of doing business inside our zones.”
Diverse Investments Across Regions
The 41 approved projects include industries in export manufacturing, IT-BPM, facilities development, and ecozone development. These projects are distributed across key regions, reflecting widespread regional economic growth:
- CALABARZON (Batangas, Laguna, Cavite, Rizal): 11 projects
- Central Visayas (Cebu and Negros Oriental): 5 projects
- Region 3 (Pampanga): 1 project
Such diversification strengthens local economies while providing employment opportunities and spurring growth in areas outside Metro Manila.
MSMEs Integral to Economic Growth
PEZA has also prioritized supporting micro, small, and medium enterprises (MSMEs), approving six Filipino-led MSME projects from January to November 2024. These initiatives bring PHP238.121 million in investments and are projected to create 356 new jobs. The agency highlighted the critical role of MSMEs in the ecozone value chain, contributing to industries such as manufacturing, transportation, and food and beverage services.
PEZA reaffirmed its commitment to integrating MSMEs into the broader ecosystem to ensure inclusive economic growth.
PEZA’s record-breaking performance follows the passage of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act. The law provides enhanced incentives and a simplified tax system for investors, attracting more foreign direct investments.
Investment missions and collaborative engagements with industries, academic institutions, and development partners have also bolstered the government’s efforts to attract and retain investors.
PEZA’s commitment to fostering innovation, precision, and sustainability in industries is evident in its engagements with partner companies and stakeholders. These initiatives aim to position the Philippines as a global hub for cutting-edge technologies while driving inclusive economic growth.
“Our visits to partner companies provide valuable insights into innovation and sustainability, aligning with our vision of advancing industries and creating opportunities for all,” said Roque.
