With more than a month left in the current fiscal year, the Philippine Economic Zone Authority (PEZA) said that they have already exceeded the investment approvals made in 2023, posting P186.098 Billion investments as of 13 November 2024.

Last year’s January to November investment approvals were at P175.71 Billion.

During the PEZA’s recent board meeting, PEZA Director General Tereso Panga also disclosed that from January to 13 November 2024, the PEZA Board Chairman and Trade Secretary Cristina Roque greenlighted 222 new and expansion projects, projected to generate more than $3 billion in exports and boost employment with the creation of 60,000 direct jobs, reflecting robust performance compared to the same period in 2023.

Year-on-year comparative data shows an increase of 32 percent in investment approvals compared to the P140.884 billion approved in the same period in 2023.

"The PEZA Board’s approval of the P62.341 billion investments during our first board meeting this month brings us closer to our goal of driving further growth and innovation in the country with the continued entrance of both local and foreign investments into the ecozone ecosystem,” said Panga.

“Surpassing the previous year’s investment acquisition performance is a clear sign of the confidence of both international and local investors in our current economy and policies as charted by President Ferdinand R. Marcos Jr. Similar to last year, we are poised to meet the projected investment and expansion target we have set at P200 billion as we close this year,” he added.

However, the November numbers remain far from the P250 billion investment target set for 2024.

November 2024 approvals 

The current month’s P62.341 billion investments came from 24 new and expansion projects greenlighted by the PEZA Board for their first meeting in November. These projects are expected to generate US$ 300 million in exports and create more than 20,000 jobs.

A wide range of industries constitutes the 24 newly approved expansion projects for 13 November 2024. Among these projects, 12 will be engaged on export activities, six on IT services, two on domestic market-oriented projects, and one each on facilities, logistics, utilities, and ecozone development across NCR, CALABARZON, and Regions III, V, VII, and X.

Big-ticket projects

Four big-ticket locator projects worth P60.248 billion were among those approved, with one domestic market enterprise injecting more than P50 billion in investments.

Expected to enjoy a longer incentive package under the CREATE MORE Law, the Elmer Francisco Motor Corporation will engage in the manufacturing and assembly of electric vehicles, parts, and components in Camarines Norte.

This project is seen to support the government’s initiatives to increase the utilization of EVs in the domestic market and make the Philippines a part of the global supply chain of electric vehicles.

Meanwhile, another domestic market enterprise and an export enterprise, with a combined total investment exceeding P3 billion, are expected to drive further growth in the region through the construction of a liquid fuel depot in Cebu and the manufacturing of additional vehicle parts and components in Batangas.