PEZA Approves P54.19 Billion in Investments for September

The Philippine Economic Zone Authority (PEZA) approved P54.191 billion worth of new and expansion projects on September 23, 2024, marking a significant 285% increase from P14.043 billion in September 2023. This brings total approved investments for the first nine months of the year up by 24.31%.

The 16 approved projects span various sectors, including eight focused on export manufacturing, five in the information technology-business process management (IT-BPM) sector, and others in facilities development, ecozone logistics, and ecozone development. These investments are expected to generate $541.04 million in exports and create 4,044 new jobs.

Most of the projects—11 in total—will be in the Calabarzon region, with Laguna and Batangas hosting the majority. Additional projects will be located in Cebu, Makati, Taguig, and Pampanga.

One of the standout projects is a P50-billion investment that may qualify for incentives under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law. Another notable approval is a P988.287-million investment by a Filipino-owned developer aimed at boosting operations for locator companies in Lipa, Batangas.

As of September, PEZA has approved 179 new and expansion projects, totaling P115.887 billion, with the agency targeting P200 billion in investments for 2024. These approvals are expected to translate into $2.51 billion in exports and create 35,871 direct jobs.

PEZA emphasized that these figures demonstrate the ongoing momentum in its efforts to attract foreign direct investments and drive local economic growth.