malaysiang
Manila: Driven by proactive initiatives aimed at positioning the Philippines as the premier investment hub in the region, the Philippine Economic Zone Authority (PEZA) reported an exceptional surge in investment approvals for the third quarter of 2024, nearly doubling the total recorded from January to August.
From January to September 2024, PEZA greenlighted 179 new and expansion projects, according to a news release Sunday.
These are projected to generate USD2.513 billion in exports and boost employment by 35,871 direct Filipino jobs, reflecting a robust performance compared to the same period in 2023.
The approvals have accumulated a total of PHP115.887 billion worth of investments, strengthening the outlook for reaching the PHP200 billion investment target of PEZA for the year.
Total PEZA approvals for the first eight months of the year have already reached PHP61.69 billion.
Year-on-year performance to date shows a vast performance improvement for the agency where there was a 24.31 percent increase i
n the number of new and expansion projects, 4.21 percent rise in investments, exports grew by 5.47 percent and most notably, employment opportunities experienced a substantial 55.82 percent increase for 2024.
The figures underscored the aggressive and sustained momentum of PEZA’s investment promotion efforts, reflecting its commitment to driving economic development through foreign direct investments, increased exports, and local enterprise growth, Director General Tereso Panga said during a recent board meeting.
With significant increases across various sectors, the Philippines is poised for an even more robust performance in the final quarter of 2024, PEZA said.
Board approvals
On Sept. 23, PEZA approved 16 new and expansion projects expected to bring in around PHP54.191 billion in investments, generating US$541.04 million in exports and providing 4,044 new jobs for Filipinos.
Thus far, these projects stand out as the largest investment approvals of the year.
From the 16 approved new and expansion pro
jects, there is a staggering 285 percent increase in investments amounting to PHP54.19 billion compared to PHP14.04 billion in September 2023, with significant boost in exports of 20.98 percent in the same period.
A wide range of industries constitutes the 16 newly approved and expansion projects for September.
These projects include eight focused on export manufacturing, five in the information technology-business process management sector, one in facilities development, one dedicated to ecozone logistics services, and another one in ecozone development.
Calabarzon remained the leading region for these initiatives, hosting 11 projects across Laguna and Batangas provinces.
Central Visayas followed with two projects in Cebu, National Capital Region added two more in Makati and Taguig, and Central Luzon with one project in Pampanga.
This month’s board meeting also saw the approval of a PHP50-billion project, PEZA’s first big-ticket investment under the Marcos Jr. administration, which may be eligible for a
n incentive package for highly desirable projects under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law.
In addition, a significant new ecozone development project was approved, led by a fully Filipino-owned developer with a total investment of PHP988.287 million.
The project is strategically designed to enhance the operations and growth of locator companies at Lima Technology Center in Batangas.
By providing critical infrastructure and support, the development aims to attract more businesses, boost local economic activity, and strengthen Batangas’ role as a key hub for industrial and commercial enterprises.
Such big-ticket investment plays a pivotal role in driving investment opportunities across the country, aligning with President Ferdinand Marcos Jr.’s vision of elevating the Philippines to upper-middle-income status.
The Department of Trade and Industry (DTI) and PEZA are steadfast in their commitment to attracting more foreign direct investments (FDIs) through a series of suc
cessful investment missions this year.
By engaging with globally competitive institutions and showcasing the Philippines’ potential as a premier investment destination, these missions aim to foster economic growth and further create employment opportunities for Filipinos.
The collaborative efforts of DTI and PEZA ensure that the Philippines continues to thrive as a leading hub for international investments in Asia.
Following the ratification of the Philippine-South Korea free trade agreement and the impending passage of the CREATE MORE (Maximize Opportunities for Reinvigorating the Economy) bill, PEZA sees a bright outlook in FDI inflows.
The CREATE MORE’s fiscal incentive regime will build on what is already recognized as the most competitive incentive regime in the ASEAN region, establishing the country as a prime destination for investors looking for exceptional opportunities and favorable conditions.
‘As such, and with the country being touted as the next tiger economy in the region, we in PEZA remai
n positive that our target forecast will be achieved for 2024,’ Panga said.
Source: Philippines News Agency
