MANILA – The Philippine Economic Zone Authority (PEZA) reported that the agency continues to see an uptick in investment activities for the first quarter of 2024, approving a total of 50 new and expansion projects worth Php14.95 billion. This is 19.25 percent higher than the Php12.54 billion worth of investments approved for the same period last year.
In a statement, PEZA Director General Tereso Panga said that the 50 projects are into export manufacturing (29), IT-BPM (13), logistics (3), facilities (3), domestic market (1), and ecozone development (1). The projects are also expected to bring in US$ 616.59 Million in exports and 11,558 in employment.
While the majority of these projects will be in Quezon City, Taguig and Makati City, CALABARZON, Bataan, Pampanga, Cebu, Albay, and Cagayan De Oro, the top investments came from the Cayman Islands, Hong Kong, Singapore, Philippines, and Japan.
With the growing numbers in the first quarter of the year, Director General Panga has a positive outlook and that what the country is seeing right now in terms of investment approvals will continue for the rest of the year.
“We are positive that we will see a continuous upward trajectory with our aggressive investment promotion and facilitation as President Ferdinand Marcos, Jr. strengthens our bid to position the Philippines as the preferred investment destination in Asia, complemented by PEZA’s targeted and aggressive approach in investment promotion,” Panga said.
Courtesy of Philippine Economic Zone Authority (PEZA)
March Board approvals
Specifically for the month of March, the PEZA board has approved a total of 22 new and expansion projects expected to bring in Php 2.85 billion. This is 21.8% higher than the Php 2.34 billion approved from 12 projects in March 2023.
According to PEZA, among the 22 projects, thirteen (13) are into export manufacturing, six (6) into IT-BPM, two (2) for facilities, and one (1) for logistics.
CALABARZON remains the top destination region for March-approved projects both for new and expansion projects, with others choosing Taguig City, Quezon City, Pampanga, and Cebu.
Courtesy of Philippine Economic Zone Authority (PEZA)
Meanwhile, PEZA will be conducting a follow-through on the pledges obtained by the Philippines during President Marcos, Jr.’s official state visits and likewise attract the untapped strategic sectors that will be vital in the country’s economic growth and development.
In a statement, Panga noted that PEZA is on the right track due to efforts initiated by Marcos’ administration when it comes to attracting investments in the country.
“PEZA is right on track and will ride the wave of the President’s business-friendly stance, the country’s renowned sound fiscal management and solid economic fundamentals, and this administration’s whole of government approach in investment promotion led by no less than the President, through Special Assistant to the President for Investments and Economic Affairs (SAPIEA) Secretary Frederick D. Go and Trade Secretary and PEZA Board Chairman Alfredo E. Pascual and his very abled economic team,” Panga said.
Panga also emphasized the recent statement from the U.S. International Trade Administration and Bloomberg International, which painted a positive investment climate for the country, with the business environment notably better, particularly within the PEZA special economic zones, and that PEZA is a unique factor for the Philippines in terms of FDI attraction.
