PEZA hits P189 billion in investment commitments in Jan.–Nov. 2024

The Philippine Economic Zone Authority (PEZA) said Wednesday it has fetched a total of P186.098 billion in investment commitments so far for this year.

In a statement, PEZA said the amount surpasses the investment commitments it booked for the entirety of 2023 at P175.71 billion.

The P186.098-billion worth of investments approved by PEZA from January to November 13, 2024 are projected to generate more than $3 billion in exports and boost employment with the creation of 60,000 direct jobs, reflecting a robust performance compared to the same period in 2023.

The amount also encompasses 222 new and expansion projects approved by the investment promotion agency to date.

Year-on-year comparative data shows an increase of 32% in investment approvals as compared to the P140.884 billion investments approved for the same period last year.

“Surpassing the previous year’s investment acquisition performance is a clear sign of the confidence of both international and local investors in our current economy and policies as charted by President Ferdinand Marcos Jr. Similar to last year, we are poised to meet the projected investment and expansion target we have set at P200 B as we close this year,” said PEZA Director General Tereso Panga.

In November alone, PEZA approved P62.341 billion investment commitments from 24 new and expansion projects.

The projects approved this month are expected to generate $300 million in exports and create more than 20,000 jobs.

PEZA said 24 new and expansion projects approved included 12 firms engaged in export activities, six in IT services, two in domestic market-oriented projects, and one each in facilities, logistics, utilities, and ecozone development across NCR, CALABARZON, and Regions III, V, VII, and X. — BM, GMA Integrated News