The Philippine Economic Zone Authority (PEZA) expressed confidence in reaching its P200 billion target for investment approvals this year, reporting P123.756 billion in approved investments so far.

PEZA Director General Tereso Panga announced that from January to October 2024, the agency logged P123.756 billion in approved investments, reflecting sustained investor confidence in the country’s economic zones.

As of 18 October, Panga said the PEZA governing board approved P7.869 billion in investments, projected to generate $562.624 million in exports and create 4,862 direct jobs from 19 new and expansion projects.

These projects include eight in manufacturing, eight in IT, two in ecozone development, and one in ecozone logistics services across various locations, including Pampanga, Laguna, Cavite, Iloilo, Taguig, Cebu, Muntinlupa, Makati, Batangas, Quezon City, and Tarlac.

The approved ventures span fabricated metal products, computer programming, commercial printing, electronic products, semiconductor devices, warehousing, transportation support activities, office support, and rubber and plastic products.

3rd Quarter Performance

PEZA’s streamlined processes and investor-friendly policies led to the approval of 198 new projects, surpassing the 169 approved during the same period last year. These projects are expected to generate $3.075 billion in export revenue, exceeding last year’s $3.025 billion.

Additionally, 40,733 direct jobs will be created—a 42.82% increase from the 28,521 jobs generated during the same period in 2023. This rise highlights PEZA's commitment to job creation and the global competitiveness of its locators.

Key Developments

Among the ecozone projects, the expansion of the Light Industry & Science Park IV – Special Economic Zone (LISP IV-SEZ) and the establishment of a pharmaceutical zone in San Miguel, Tarlac, stand out.

The LISP IV-SEZ expansion, covering 30.8065 hectares in San Fernando and Luta Sur, Malvar, Batangas, involves a project cost of P1.753 billion. Development began in January 2024 and is expected to finish by December 2026, creating seven direct jobs during operations and 59 indirect jobs during land development.

In Tarlac, the Zen Industrial Pharma Ecozone, with a project cost of P81.633 million, will begin development in January 2025 and is set to be completed by November 2026, creating 34 direct jobs and employing 27 laborers.

Additionally, PEZA will host the drug export manufacturing facility of Lloyd Laboratories, in partnership with an American pharmaceutical company, to strengthen the Philippines' pharmaceutical sector.

Moving Forward

Panga reiterated PEZA's commitment to attracting investments in strategic sectors aligned with the country’s goals for inclusive and sustainable growth.

“We are more than halfway to our target, thanks to the continued trust of investors in the Philippines. Through upcoming investment missions, we aim to exceed our target and further boost the country’s export performance and competitiveness under the President’s vision of Bagong Pilipinas,” stated Panga.