August 10, 2024 | 12:00am
MANILA, Philippines — The Philippine Economic Zone Authority (PEZA) has approved P9.235 billion worth of investments for 24 new and expansion projects.
In a statement yesterday, the investment promotion agency said the investments for 24 projects were approved by the PEZA Board last Aug.7.
The approved projects are expected to generate $264.8 million in exports and create 4,265 jobs.
Of the 24 projects, 14 are in export manufacturing, four in information technology-business process management, two in facilities development, one for the domestic market and three for ecozone development.
In terms of location, 18 of the approved projects are in Calabarzon (Cavite-Laguna-Batangas-Rizal-Quezon), four are in Cebu and two are in Bataan.
PEZA director general Tereso Panga said the agency would hold another board meeting on Aug. 27 for the approval of investments for projects this month.
“We will have a big jump in investments in our next board meeting,” he said.
The PEZA Board did not hold a meeting for investment approvals in July.
Since the start of the year, investments approved by the PEZA have reached P54.716 billion.
These investments are for 144 projects, with projected exports worth $1.9 billion and 29,524 jobs.
“The continuous rise in the number of new and expansion projects signifies the international arena’s confidence in the Philippines’ business environment and economic potential,” Panga said.
He said the government’s pro-active efforts in making the country the go-to investment hub in the region are vital for generating employment and contributing to economic growth.
PEZA is aiming to achieve P200 billion to P250 billion in investment approvals this year.
In 2023, investments approved by the PEZA reached P175.7 billion.
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