MANILA, Philippines — Investment approvals by the Philippine Economic Zone Authority (Peza) hit P36.827 billion in May, involving mainly new and expansion projects in the manufacturing and information technology sectors.
The Peza said 22 projects were approved in May, up from 20 registered in the same month last year. Ten of these projects were in manufacturing and nine were in information technology-business process management.
“The rise in the number of approved projects emphasizes Peza’s pivotal role in catalyzing investment inflow and fostering sustainable employment across various sectors,” Peza Director General Tereso Panga said in a statement on Thursday.
READ: Peza eyes 15% increase in approved investments for 2024
The government investment promotion agency also said these newly approved projects are anticipated to generate $100.806 million in exports and create 4,616 direct jobs.
Based on the May approvals, Calabarzon (Cavite, Batangas, Laguna, Rizal, Quezon) remained the preferred investment destination, with 12 projects slated for areas in Laguna, Cavite, and Batangas.
The National Capital Region follows, with three projects each in Taguig and Quezon City.
Meanwhile, three projects will be located in Cebu, one in Bacolod, and another one in Iloilo.
Pampanga and Davao del Norte will also each host one project from the approved list by Peza.
Peza is targeting at least a 15-percent growth in its approved investments in 2024, following the P175.7 billion worth of new and expansion projects it greenlit in 2023.
In 2022, Peza-approved investments soared by 103 percent to P140.7 billion from the P69.30 billion it tallied in 2021.
The investment promotion agency approved P95.03 billion worth of investments in 2020, P117.54 billion in 2019, and P140.2 billion in 2018. —Alden M. Monzon