The Philippine Economic Zone Authority (PEZA) reported a 77-percent drop in investments to P45.48 billion in the first half of 2024 from P80.58 billion in the same period in 2023, despite an increase in approved projects to 120 from 102.
PEZA director-general Tereso Panga cited the projects’ potential to create 25,259 direct jobs, a 64-percent increase from 2023’s first half, and generate about $1.61 billion in exports.
“Following the strategic investment generation and FDI collaboration plans of our government spearheaded by President Ferdinand R. Marcos Jr., we are positive in enhancing and strengthening our efforts, even more, to secure partnerships from a large number of investors in different industries for the continuous boost in the Philippines’ economic growth and progress,” he said.
PEZA reported a 104.21-percent increase in investments to P30.53 billion in the second quarter from the first quarter’s P14.95 billion.
Building on the first quarter, approved job creation rose 18.97 percent in the second quarter, reaching 13,751 new jobs compared to 11,558 in the first quarter.
PEZA also approved five big-ticket projects with combined investments of P31.36 billion in the same period, two of which were approved in June 2024.
The biggest approved project is a Filipino-led ecozone development in Tarlac, followed by a Caymanian solar wafer cells manufacturer using Maxeon 7 technology and a Japanese manufacturer of metal base wire-wound chip inductors.
The two newly-approved big-ticket projects in June include the P6.15-billion investments of a Malaysian assembler of hair stylers and a Japanese locator into manufacture of biomass fuel products, oxygen reducers and high-quality activated charcoal made from coconut shells in General Santos City.
Panga said Eastern European countries also expressed interest in the Philippines with visits from Ukrainian, Polish and Russian delegations conducting inquiries and site visits preparatory to investing in the country.
PEZA said that with the upcoming State of the Nation Address (SONA) of the President, the business community is upbeat on the prospects from the urgent enactment of CREATE More—a priority bill of the government that is meant to attract more FDI and mobilize private investments in priority sectors as provided in the Strategic Investments Priorities Plan (SIPP).
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