PEZA reports robust investment growth in early 2024

The PEZA Board Members and Management Officials in LIMA Technology Center – Special Economic Zone (LTC-SEZ), Malvar, Batangas. (PEZA photo)

The Philippine Economic Zone Authority (PEZA) has witnessed a significant increase in investment approvals in the first two months of 2024, with a recorded PhP12.096 billion, an 18.66% rise from the same period in the previous year.

This growth is a testament to PEZA’s commitment to hitting a PhP250 billion investment goal for the current year, as stated by Director General Tereso O. Panga in a press release.

In a recent board meeting held at the LIMA Technology Center – Special Economic Zone in Malvar, Batangas, PEZA unveiled that it had greenlighted 28 new and expansion projects on 16 February 2024. These projects are projected to boost exports by US$661.095 million and create 3,580 direct jobs.

The meeting saw attendance from various government bodies, including the Department of Finance, the Department of Labor and Employment, the Department of Trade and Industry through the Board of Investments, the Department of Interior and Local Government, the National Economic and Development Authority, and the Department of Environment and Natural Resources, along with PEZA Management Officials.

The Board’s approvals for February encompass a diverse array of projects, totaling sixteen in number: nine ecozone enterprises, three IT enterprises, one domestic market enterprise, two ecozone logistics services, and one developer.

These ventures are anticipated to attract PhP9.884 billion in investments, anticipated to generate $591.476 million in exports and spawn 2,243 direct employment opportunities.

The projects are distributed across various economic zones, including the First Philippine Industrial Park II, Daiichi Industrial Park, Light Industry & Science Park III, Laguna Technopark, PHIVIDEC Industrial Estate-Economic Zone, Lima Technology Center, Mactan Economic Zone II, People Technology Complex, 1 Nito Tower in Cebu City, Embarcadero De Legazpi in Legazpi City, Albay, Light Industry & Science Park IV, and Hermosa Ecozone Industrial Park.

One of the standout projects pre-qualified by the PEZA Board is in the renewable energy sector—a solar wafer cell manufacturing entity set to commence operations in July 2024.

The investment surge in early 2024 not only highlights a sizable increase compared to the previous year but also signals a promising trajectory for exports and job creation, with figures soaring by 160.08%, 135.31%, and 319.25% respectively when juxtaposed with the same timeframe in 2023.

This uptick marks a prosperous beginning for PEZA and heralds a dynamic year for the Philippines’ economic growth and development.