October 24, 2024 | 12:00am
MANILA, Philippines — Investment pledges for projects approved by the Philippine Economic Zone Authority (PEZA) dipped by six percent from January to October compared to a year ago, but the investment promotion agency remains upbeat it will hit its investment target this year.
In a statement, PEZA said it approved P123.76 billion worth of investments from January to October, down from P131.76 billion in the same period last year.
The approved investments in the 10-month period are for 198 new projects, surpassing the 169 approved projects in the same period last year.
Approved projects in the first 10 months are expected to generate $3.07 billion worth of exports, exceeding last year’s $3.03 billion.
In addition, the approved investments are expected to create 40,733 direct jobs this year, 42.8 percent higher than the 28,521 jobs generated during the same period of 2023.
For the month of October alone, the PEZA approved P7.87 billion in investments, 61.7 percent lower than the P20.55 billion in the same month last year.
The approved investments in October are for 19 projects, which are projected to generate $562.62 million in exports and create 4,862 direct jobs.
Of the 19 projects, eight are in manufacturing, eight in information technology, two in ecozone development and one in ecozone logistics services.
The projects involve fabricated metal products, computer programming, commercial printing, electronic products, semiconductor devices, warehousing, transportation support activities, office support and rubber and plastic products.
As for the two ecozone development projects approved by the PEZA, these cover the expansion of the Light Industry and Science Park IV – Special Economic Zone (LISP IV-SEZ) and the establishment of a pharmaceutical zone in San Miguel, Tarlac.
The P1.75-billion LISP IV-SEZ expansion covers 30.81 hectares in San Fernando and Luta Sur in Malvar, Batangas.
Land development, which started in January, is expected to be completed by December 2026.
Meanwhile, development of the P81.63-million Zen Industrial Pharma Ecozone in Tarlac will start in January 2025 and finish by November 2026.
Moreover, the PEZA said it would host the drug export manufacturing facility of Lloyd Laboratories in partnership with an American pharma firm.
Lloyd Laboratories’ manufacturing facility is expected to help elevate the Philippines’ pharmaceutical sector and position the country as a hub for pharmaceutical manufacturing and research.
Despite the drop in approved investments in the first 10 months, the PEZA said it is on track to reach the P200 billion investment approvals goal for this year.
“We are more than halfway to our target, thanks to the continued trust of investors in the Philippines. Through upcoming investment missions, we aim to exceed our target and further boost the country’s export performance and competitiveness under the President’s vision of Bagong Pilipinas,” PEZA director general Tereso Panga said.
In 2023, investments approved by the PEZA reached P175.7 billion.
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