The Philippine Economic Zone Authority posted nearly P62 billion in investment approvals as of August, but still far from the aimed P200 to P250 billion target for this year.
Following the meeting of the PEZA Board and Management Committee in Balamban Cebu, PEZA reported that as of August 2024, approved projects in the ecozone reached P61.695 billion.
Also during the Board Meeting, the Board approved a total of P 6.978 billion in investments, projected to generate US$ 96.596 million in exports and over 2,300 direct jobs from 21 new and expansion projects.
The approved projects comprised of six projects in manufacturing, six for IT enterprises, and four for ecozone development, along with one project each in the agro-industrial, facilities enterprise, ecozone utilities, ecozone domestic enterprise, and ecozone logistics service enterprise sectors.
These new and expansion projects will be in Pampanga, Tarlac, General Santos City, Batangas, Cavite, Davao, Laguna, Cebu, and Metro Manila.
Director General Tereso O. Panga expressed, “From January to August 2024, the total impact of investments and expansions on job generation amounted to 31,827, 72.91 percent higher compared to the 18,407 jobs created in the same period last year.
“Our investments for the year have already totaled P61.695 billion. New investments are expected in the coming months as a result of our participation in the China International Fair for Investment and Trade, the Philippine-Singapore Business Investment Summit, and other outbound missions lined up for the year,” he added.
Locator site visits in Cebu
With a unified goal of driving investments and fostering stronger partnerships with its locators in public economic zones, PEZA also graced the ship launching ceremony of Tsuneishi Heavy Industries (THI)’s newly completed 66,200 MT bulk carrier made in WCE.
PEZA, likewise, conducted company visits to its registered enterprises HatQuarter, Autoliv Cebu Safety Manufacturing Inc., and TMX Philippines, Inc.
HatQuarter, established in 2017, specializes in the manufacturing of high-quality headwear products.
As of June 2024, the company has generated more than $2 million in exports and employs above 900 workers.
Known for its craftsmanship and innovation, HatQuarter supplies headwear to prominent global designer brands.
The PEZA chief lauded the company’s role in creating sustainable jobs and enhancing the local economy through continuous workforce development.
Meanwhile, Autoliv Cebu Safety Manufacturing Inc., a PEZA-registered enterprise since 1989 and a subsidiary of Autoliv Inc.—the world’s largest automotive safety supplier founded in 1953—produces steering wheels, airbags, seatbelts, and other automotive safety products.
The company has contributed approximately $34 million in exports and provides over 1,600 direct jobs. Its innovations have helped reduce over 450,000 severe injuries and saved approximately 35,000 lives.
Autoliv’s focus on research and development, along with its adherence to the highest safety standards, reinforces Cebu’s position as a hub for cutting-edge, globally competitive industries.
Finally, TMX Philippines Inc. (Timex) is a heritage brand with over 165 years of experience in watchmaking, dating back to 1854.
Its 9.6-hectare facility in Cebu is one of Timex’s key manufacturing hubs and has been registered with PEZA since 1978—employing over 1,300 workers and generating more than $62 million in exports.
TMX’s legacy of precision and quality in producing watches and precision instruments aligns with PEZA’s vision of fostering high-tech industries.
These visits reaffirm PEZA's commitment to supporting locators, ensuring sustainable growth in the country’s export-driven economy.
“Together with our registered business enterprises and complemented by the various upsides that we currently possess, PEZA remains firm in its quest to make the country an enviable destination in the Asia Pacific region by eco-zoning the Philippines towards and inclusive and sustainable development,” the PEZA Chief said.