PEZA’s new business approvals hit P123B

The Philippine Economic Zone Authority (PEZA) expressed confidence in hitting the P200 billion target investment approvals for this year as it reported P123.756 billion in approved investments to date.

PEZA director general Tereso Panga reported that from January to October 2024, PEZA recorded P123.756 billion in approved investments, showcasing sustained investor confidence on economic zones.

As of 18 October, Panga said its 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.

He said these include eight projects in manufacturing, eight in information technology, two in ecozone development, and one in ecozone logistics services across Pampanga, Laguna, Cavite, Iloilo, Taguig, Cebu, Muntinlupa, Makati, Batangas, Quezon City and Tarlac.

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

Favorable 3Q performance

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

Further, 40,733 direct jobs will be created — a 42.82 percent increase from the 28,521 jobs generated during the same timeframe in 2023.

The substantial rise reflects PEZA’s commitment to job creation and highlights the competitiveness of its locators in global markets.

Key developments

The two ecozone development projects include the expansion of Light Industry & Science Park IV — Special Economic Zone (LISP IV-SEZ) and the establishment of a pharmaceutical zone in San Miguel, Tarlac City.

The LISP IV-SEZ expansion covers 30.8065 hectares in San Fernando and Luta Sur, Malvar, Batangas, with a project cost of P1.753 billion.

Land development started in January 2024 and is expected to be completed by December 2026, creating 7 direct jobs during operations and 59 indirect jobs during land development.

Located in Tarlac, the Zen Industrial Pharma Ecozone has a project cost of P81.633 million.