The Philippine Economic Zone Authority (PEZA) has already breached the P200-billion mark for its investment approvals, achieving its target for the whole year.

This was announced by Trade Secretary Cristina Aldeguer Roque on Monday, stating that as of November, PEZA has achieved a record-breaking P201.551 billion in investment approvals, indicating that investor confidence is at an all-time high.

“We laud the performance of all our stakeholders for this remarkable achievement. This accomplishment shows the solid economic fundamentals of the ‘Bagong Pilipinas’ agenda championed by the President, which are effectively driving the growth of foreign direct investments in the country. This will bode well for job creation within and outside the ecozones,” said the DTI secretary who also chairs the PEZA Board in a statement.

The November 2024 figure represents a 43.06 percent increase from the P140.88 billion approved in November 2023 and a 14.7 percent rise from the 2023 whole-year investments of P175.71 billion.

Substantial year-on-year growth

From January to November 2024, the PEZA approved 239 new and expansion projects, generating over $3.9 billion in potential export revenues and providing direct jobs to more than 70,000 Filipinos, reflecting a substantial year-on-year growth, with a 21.31 percent increase in new and expansion projects, a 14.07 percent boost in exports, and a 110.83 percent surge in employment opportunities.

In November 2024 alone, approved new and expansion projects reached 41, with a combined investment of P77.794 billion, expected to drive $831.019 million in exports and create 30,623 direct jobs.

Among the 17 projects are various types of industries, including 10 in export manufacturing, four in the IT-BPM sector, two in facilities development, and one in ecozone development.

They are distributed across the regions of CALABARZON, Region 3, and Central Visayas: four in Batangas, four in Laguna, four in Cebu, two in Cavite, and one each in Rizal, Pampanga and Negros Oriental. This highlights the spur of regional economic growth in the country.

In addition to attracting major investments, PEZA remains committed to supporting micro, small, and medium enterprises (MSMEs).

The agency has approved six Filipino MSME projects from January to November 2024, seen to bring P238.121 million in investments, and the creation of 356 new jobs.

MSMEs’ vital role

With this, PEZA acknowledges the vital role of the many MSMEs that support the ecozone value chain. These enterprises are making significant contributions to manufacturing, services, transportation, food and beverage, among other industries.