PEZA OKs P54.19-B investments in September

The Philippine Economic Zone Authority (PEZA) approved some P54.191 billion worth of new and expansion projects last Monday, September 23, bringing projects for the first nine months of the year up 24.31%.

According to PEZA, it approved 16 new and expansion projects in September, marking a 285% increase in investments from P14.043-billion worth in September 2023. These are expected to generate $541.04 million in exports, and provide 4,044 new jobs.

The approved projects include eight focused on export manufacturing, five in the information technology-business process management (IT-BPM) sector, one in facilities development, one in ecozone logistics, and another in ecozone development.

The bulk or 11 of the projects will be in the Calabarzon region, specifically in Laguna and Batangas. Two will be in Cebu, two in Makati and Taguig, and one in Pampanga.

Among the approved projects is a P50-billion investment, which PEZA said could be eligible for an incentive package for highly desirable projects under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law. Further details were not immediately available.

Another approved project is a P988.287-million investment by a Filipino-owned developer, which seeks to boost operations and growth of locator companies in Lipa, Batangas by providing infrastructure and support.

The latest approvals brought the year-to-date approvals up to 179 new and expansion projects worth P115.887 billion. PEZA has set a P200-billion investment target for the year.

PEZA expects this to translate to $2.51-billion worth of exports, and 35,871 direct employment opportunities.

“These figures underscore the aggressive and sustained momentum of PEZA’s investment promotion efforts, reflecting its commitment to driving economic development through foreign direct investments, increased exports, and local enterprise growth,” PEZA said in a statement released Sunday.

Under its mandate, PEZA is tasked to promote the establishment of economic zones in the Philippines for foreign investments. —RF, GMA Integrated News