The Philippine Economic Zone Authority (PEZA) said Wednesday it approved P186.098 billion in investments from January to November 2024, exceeding the P175.71 billion recorded in the whole of 2023.
PEZA chairman and acting Trade Secretary Cristina Roque approved 222 new and expansion projects. These initiatives are expected to generate over $3 billion in exports and create 60,000 direct jobs.
Investment approvals in the 11-month period reflected a 32 percent year-on-year growth from P140.884 billion approved in the same period last year.
“Surpassing last year’s performance underscores the confidence of both local and international investors in the country’s economy and policies under the leadership of President Ferdinand R. Marcos Jr. We are optimistic about hitting our P200 billion target by year-end,” said PEZA director-general Tereso Panga.
PEZA approved P62.341 billion worth of investments across 24 new and expansion projects in November 2024, up by 582.9 percent from P9.12 billion in the same month in 2023.
The new investments are projected to generate $363.5 million in exports and provide over 20,000 jobs. The projects span various sectors including 12 for export activities, six for IT services, two for domestic market-oriented ventures, and one each for facilities, logistics, utilities and ecozone development.
The investments will be distributed across NCR, CALABARZON and Regions III, V, VII and X.
Among the year’s investment highlights were four big-ticket projects worth P60.248 billion. These include a domestic market enterprise investing over P50 billion to manufacture and assemble electric vehicles (EVs) and components in Camarines Norte.
The local project, led by Elmer Francisco Motors Corp., underscores government efforts to promote EV adoption and position the Philippines in the global EV supply chain.
Other major projects include a liquid fuel depot in Cebu and additional vehicle parts manufacturing in Batangas, representing a combined investment of over P3 billion.
A another ecozone development project worth P4 billion, a fully Filipino-owned initiative, will be established in Concepcion, Tarlac.
PEZA emphasized its commitment to fostering innovation and investment through incentives under the CREATE MORE Law.
“These projects not only support economic growth but also align with our vision of creating sustainable, future-ready economic zones,” Panga said.
