The Philippine Economic Zone Authority (Peza) on Wednesday said it approved nearly P8 billion worth of investments this month.
These span 19 projects located in Pampanga, Laguna, Cavite, Iloilo, Taguig, Cebu, Muntinlupa, Makati, Batangas, Quezon City and Tarlac that are expected to create 4,862 direct jobs and $562.624 million in exports.
Eight of the projects are in manufacturing, eight more in information technology, two in economic zone development, and one in economic zone logistics services.
READ: ₱62-B investments cleared by Peza in first 8 months
Despite the optimism, the value of the investments approved this month is 61 percent lower than the P20.55 billion recorded in October 2023.
The October posting brought the year-to-date approved investments to P123.76 billion, which also fell short of the P131.76 billion listed in the same time frame last year.
Peza is targeting to approve at least P200 billion worth of investments this year.
Bagong Pilipinas
“We are more than halfway to our target, thanks to the continued trust of investors in the Philippines. Through upcoming investment missions, we aim to exceed our target and further boost the country’s export performance and competitiveness under the President’s vision of Bagong Pilipinas,” Peza director general Tereso Panga said in a statement.
For this month, Peza highlighted the two economic zone projects, the expansion of the Light Industry and Science Park IV- Special Economic Zone (LISP IV-SEZ) and the establishment of a pharmaceutical zone in San Miguel, Tarlac City, as major developments.
READ: Peza eyes 60,000 to 80,000 more jobs in ecozones this year
The LISP IV-SEZ expansion covers 30.8065 hectares in San Fernando and Luta Sur, Malvar, Batangas, with a project cost of P1.75 billion.
Meanwhile, the Zen Industrial Pharma Ecozone in Tarlac has a project cost of P81.63 million and is expected to be completed by November 2026.
In 2023, Peza approvals reached P175.70 billion in value, a 24.9- percent increase from the P140.7 billion it recorded in the previous year.
Approved investments reached P69.30 billion in 2021, P95.03 billion in 2020, P117.54 billion in 2019, and P140.2 billion in 2018.