With 2024 halfway through, the Philippine Economic Zone Authority reported that its investment approvals are now at P54.716 billion, still far from its aimed approved investments for this year of P200 to P250 billion.

In its latest record, the P54.716 billion value of approved investments from January to August 2024 consists of 144 projects from various industries, creating 29,524 jobs for the Filipino workforce.

The generated jobs exhibit a 60.4 percent increase in employment in comparison with the same period in 2023. 

During the past seven months, the projected exports have been worth $1.875 billion.

“The continuous rise in the number of new and expansion projects signifies the international arena’s confidence in the Philippines’ business environment and economic potential. Moreover, our proactive efforts in establishing the country’s place as the go-to investment hub in the region play a vital role in the ceaseless cycle of employment generation for our fellow Filipinos, paving the way for a better and brighter future not only for their families but also for the nation’s success,” said PEZA director general Tereso Panga.  

He said the significant boost highlights PEZA’s dedicated efforts to further contribute to the country's GDP growth, which has now accelerated to 6.3 percent and is considered as the second fastest among its Asian neighbors.

Hoping for good 2nd half

Panga, in a Viber interview, stressed that they are hoping that the second half would provide good numbers to hit this year’s target.

“This means that we are registering more locator projects than developer projects. The locator projects cover mostly export manufacturing and IT services, with a smaller capital investment this first half of the year vs same period last year,” Panga said.

He said they expect substantial investment approvals in the fields of electronics, steel, electric vehicles, agro-industry, and data centers.

“However, we expect bigger investment approvals this 2nd semester as we await the filing of more developer and big-ticket locator projects. This will be contingent also on the early passage of CREATE More. Overall, many economists are projecting that the economy will fare better in the 2nd half of the year,” Panga maintained.

Last month, Panga told reporters that they are holding on to its investment target for the year amid the 44 percent decline in investment pledges posted in the first half.