PEZA approves P30B investments from Jan-April

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PEZA approves P30B investments from Jan-April
  • The Philippine Economic Zone Authority Board approved 73 new and expansion projects worth a total of P29.955 billion for the first four months of the year
  • The latest approvals are 9.5% less than the P33.094 billion reported in January to April 2023 even as there were more projects green lit this year than last (60)
  • The investments are expected to generate $1.095 billion in exports and create 14,812 direct employments for Filipinos
  • The projects are in export manufacturing, IT-BPM, facilities, logistics, domestic market, and ecozone development
  • For April 2024 alone, the PEZA Board approved 23 projects worth a total of P15.003 billion in investments

The Philippine Economic Zone Authority (PEZA) Board approved a total of 73 new and expansion projects worth a total of P29.955 billion for the first four months of the year.

The latest approvals are 9.5% less than the P33.094 billion reported in January to April 2023 even as there were more projects green lit this year than last (60).

The approved investments for the first four months of the year are expected to generate US$1.095 billion in exports and create 14,812 direct employments for Filipinos, PEZA said in a statement.

They will be in export manufacturing, information technology-business process management (IT-BPM), facilities, logistics, domestic market, and ecozone development. They will mostly be located mostly in Luzon – CALABARZON, Metro Manila, Bicol, and Central Luzon, while some in the VisMin islands – Cebu, Davao, and Cagayan de Oro.

For April 2024 alone, the PEZA Board approved 23 projects worth a total of P15.003 billion in investments. These projects are expected to generate $69.778 million worth of exports and provide 3,254 jobs. Of the total, eight will be in export manufacturing, six in IT-BPM, two facilities, one in logistics, and six ecozone development.

The projects are located mostly in Metro Manila, followed by CALABARZON and Central Luzon while the rest are in the Bicol, Central Visayas, and Davao regions.

“Fostering the whole of government approach with the support of our Board members from key government agencies and offices… PEZA’s approved projects will result to mutualistic benefits for international relations, and continually champion the Philippines as Asia’s premier investment destination,” PEZA director general Tereso Panga said.

Panga earlier said PEZA is targeting a “conservative” 15% year-on-year increase in approved investments to P202 billion in 2024 but also keeping an eye on the P250-billion figure, similar to what the agency was generating during the time of former PEZA director general Lilia de Lima.

For the coming months, PEZA said it will conduct a follow-through on pledges obtained by the Philippines during President Ferdinand Marcos, Jr’s official state visits and also attract untapped strategic sectors vital in the country’s economic growth and development.

READ: PEZA approves 19.25% more investments in Q1