PEZA OK’d P36.827B worth of projects from January to May

The Philippine Economic Zone Authority (PEZA) on Thursday reported it has approved P36.827 billion worth of investments in the first five months of 2024.

In a statement, PEZA said the approved investment commitments, encompassing 95 new and expansion projects, are projected to generate $1 billion of exports and create 19,000 direct employment.

The approved investments, the agency said, are expected to bolster various industries, particularly in manufacturing and IT-BPM sectors, “thus enhancing the country's competitive edge in the global market.”

In the first two months of the second quarter 2024 —April and May— alone, investment approvals reached P21.875 billion, up 4.63% from P14.95 billion in the first quarter.

For May, PEZA approved 22 new and expansion projects with investment worth P6.872 billion.

The approved projects in May are seen to generate $100.806 million in exports and create 4,616 direct employment.

The 22 projects are composed of 19 locator companies and three ecozone developers.

Export manufacturing takes the lion's share with 10 projects, followed closely by nine in IT-BPM, two in domestic markets, and one focusing on facilities development.

PEZA said CALABARZON continues to be the hotspot for investment, with 12 projects slated for areas within Laguna, Cavite, and Batangas.

The National Capital Region (NCR) followed with Taguig and Quezon City each securing three projects.

Three projects will be located in Region VII (Cebu), two projects in Region VI (Bacolod and Iloilo), one in Region III (Pampanga), and one in Region XI (Davao del Norte). — Ted Cordero/RSJ, GMA Integrated News