New projects until May rises at P37B
They are positive that the economy is still poised for substantial growth in the coming years, especially with the continued influx of investments and the robust approval of new projects
Daily TribuneThey are positive that the economy is still poised for substantial growth in the coming years, especially with the continued influx of investments and the robust approval of new projects
Outlining a sustainable future Department of Trade and Industry Secretary Fred Pascual presented the Philippines’ initiatives to promote sustainable economic growth at the Indo-Pacific Economic Framework Clean Economy Investor Forum at the Marina Bay Sands Expo and Convention Centre.
Photograph courtesy of DTI
A total of 95 new and expansion projects were set up after getting Philippine Economic Zone Authority (PEZA) approval from January to May, valued at P36.827 billion.
Projected exports are valued at more than $1 billion, while direct employment produced in the ecozones is at about 19,000 from January to May of this year.
These projects, approved by the PEZA board chaired by Trade Secretary Alfredo Pascual, signify a resounding vote of confidence in the Philippines’ business climate and economic potential.
“The rise in the number of approved projects emphasizes PEZA’s pivotal role in catalyzing investment inflow and fostering sustainable employment across various sectors,” according to PEZA director general Tereso Panga.
Momentum maintained
According to the official tally, direct employment grew significantly as compared to the same period last year, registering a remarkable surge of 62.59 percent, reflecting PEZA’s commitment to generating meaningful employment opportunities for Filipinos.
Panga said they are positive that the economy is still poised for substantial growth in the coming years, especially with the continued influx of investments and the robust approval of new projects.
Further, the PEZA chief stressed that the surge is expected to bolster various industries, particularly in manufacturing and IT-BPM sectors, thus enhancing the country’s competitive edge in the global market.
The PEZA said the first two months of the year already surpassed the P14.95 billion approvals in Q1 2023, recording a 4.63 percent increase with the P21.875 Billion investment approvals.
Employment on upswing
Moreover, the consistent rise in employment rates also suggests a positive trajectory for consumer spending and economic stability, which in turn may attract further foreign direct investments.
Broken down, the PEZA Board approved 22 new expansion projects expected to bring in P6.872 billion worth of investments, as of 31 May 2024,
The 22 projects encompass various industries, with 19 locator companies and 3 ecozone developers. Export manufacturing takes the lion’s share with 10 projects, followed closely by nine in IT-BPM, two in domestic markets, and one focusing on facilities development.
These projects are anticipated to generate $100.806 Million in exports and create 4,616 direct employment.
The approvals reflect an increase of 10 percent in new and expansion projects from 20 approved in May 2023, and a 3.04 percent increase in direct employment from 4,438 recorded in the same month last year.
