A total of 95 new and expansion projects were greenlit by the Philippine Economic Zone Authority from January to May valued at P36.827 billion.

On the other hand, 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, greenlit 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.

According to the official tally, direct employment flourished 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 Philippine 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 Q2 2024 already surpassed the P14.95 billion approvals in Q1 2024, recording a 4.63 percent increase with the P21.875 billion investment approvals.

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 three 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.