Manila: The Philippine Economic Zone Authority (PEZA) has expressed confidence in reaching its PHP200-billion investment target for 2024, as investment approvals have already reached PHP186.09 billion as of November 13.

According to Philippines News Agency, PEZA reported that this figure has already surpassed the PHP175.71 billion in full-year 2023 investment approvals and represents a 32 percent increase from the PHP140.884 billion recorded in the same period last year. From January 1 to November 13, the PEZA Board approved 222 new and expansion projects, which are expected to generate more than USD3 billion in exports and create 60,000 direct jobs.

Included in these approvals are four significant locator projects worth PHP60.24 billion and one domestic market enterprise with PHP50 billion investments. Among these, Elmer Francisco Motor Corporation is set to engage in the manufacturing and assembly of electric vehicles, parts, and components in Camarines Norte. Additionally, a domestic market enterprise an
d export enterprise will construct a liquid fuel depot in Cebu and manufacture additional vehicle parts and components in Batangas. A PHP4-billion new ecozone development project in Concepcion, Tarlac, was also approved.

In November alone, the PEZA Board green-lighted 24 new and expansion projects totaling PHP62.341 billion. These initiatives are projected to generate USD300 million in exports and create over 20,000 jobs. The projects encompass various sectors, including export activities, information technology, domestic market-oriented projects, and ecozone development across several regions, including the National Capital Region, Region IV-A, Region III, V, VII, and X.

PEZA Director General Tereso Panga highlighted the significance of the recent approvals, stating, “The PEZA Board’s approval of the PHP62.341 billion investments during our first Board meeting this month brings us closer to our goal of driving further growth and innovation in the country with the continued entrance of both local and foreig
n investments into the ecozone ecosystem.” He added that surpassing the previous year’s investment acquisition performance indicates strong confidence from both international and local investors in the current economy and policies under President Ferdinand R. Marcos Jr. PEZA is optimistic about achieving the PHP200 billion investment and expansion target by the end of the year.