The Philippine Economic Zone Authority (PEZA) reported a major boost in investment approvals for the third quarter of 2024, highlighted by the approval of PHP 54.19 billion in new and expansion projects in September alone.
The surge in investment is part of the country’s broader efforts to position itself as a premier investment hub in the region.
PEZA Director General Tereso O. Panga attributed the success to proactive initiatives and foreign investor confidence. “
These projects are a testament to the strong momentum of PEZA’s investment promotion efforts, reflecting its commitment to driving economic development through foreign direct investments, increased exports, and local enterprise growth,” Panga said.
In the first nine months of 2024, PEZA greenlighted 179 projects with a total investment value of PHP 115.89 billion.
These projects are expected to generate USD 2.51 billion in exports and create 35,871 new jobs for Filipinos, marking a 55.82% increase in employment opportunities compared to the same period in 2023.
September 2024 alone saw a significant 285% increase in investments compared to the same month last year, driven by the approval of 16 new and expansion projects across multiple sectors.
Among these, export manufacturing led with eight projects, followed by five in the IT-BPM sector, and one each in ecozone development, logistics services, and facilities development.
A key highlight from the September approvals was PEZA’s first big-ticket project under the Marcos administration, a PHP 50 billion investment expected to qualify for incentives under the CREATE Law for highly desirable projects.
Additionally, a major ecozone development project in Lipa, Batangas, valued at PHP 988.29 million, was approved.
The project, led by a fully Filipino-owned developer, aims to attract more businesses and strengthen the region’s role as an industrial and commercial hub.
CALABARZON continues to dominate as the top region for new investments, hosting 11 of the 16 approved projects in September.
The region’s strategic location and infrastructure have made it a focal point for industries, particularly in Laguna and Batangas. Other approved projects were in Cebu (Region VII), Makati and Taguig (NCR), and Pampanga (Central Luzon).
The increased investment activity aligns with President Ferdinand Marcos Jr.’s vision of elevating the Philippines to upper-middle-income status.
With the recent ratification of the Philippine-South Korea Free Trade Agreement and the anticipated passage of the CREATE MORE bill, PEZA sees a positive outlook for foreign direct investment (FDI) inflows.
“As such, and with the country being touted as the next tiger economy in the region – we in PEZA remain positive that our target forecast will be achieved for 2024,” Panga said. PEZA aims to reach PHP 200 billion in total investments for the year, a goal that appears increasingly within reach as the final quarter approaches.
The Department of Trade and Industry (DTI) and PEZA continue to work closely to attract more FDIs, organizing investment missions and collaborating with global institutions to showcase the Philippines as a prime destination for investors.
These efforts are crucial to maintaining the country’s competitive edge in Southeast Asia and driving sustained economic growth.
