THE Philippine Economic Zone Authority (PEZA) said that it has so far obtained board approval for P123.72 billion worth of investment pledges in the year to date, down 6.1% from a year earlier, though it still expects to hit its P200-billion target for 2024.
“We are more than halfway to our target, thanks to the continued trust of investors in the Philippines,” PEZA Director General Tereso O. Panga in a statement on Wednesday.
“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,” he added.
The PEZA Board of Directors on Oct. 18 approved 19 new projects worth a combined P7.83 billion. This brought the total number of PEZA Board-approved projects to 198, up 17.2% from a year ago.
The 19 newly approved investments comprise eight manufacturing projects, eight information technology projects, two economic zone (ecozone) development projects, and one ecozone logistics services project.
These projects are due to rise in Pampanga, Laguna, Cavite, Iloilo, Taguig, Cebu, Muntinlupa, Makati, Batangas, Quezon City, and Tarlac.
“The aforementioned projects involve fabricated metal products, computer programming, commercial printing, electronic products, semiconductor devices, warehousing, transportation support activities, office support, and rubber and plastic products,” PEZA said.
Investment pledges in the year to date are expected to generate $3.07 billion in export revenue and 40,733 jobs.
Earlier this month, PEZA said it is hoping to generate 60,000 jobs this year.
Included in this month’s approvals is the P1.75-billion expansion of Light Industry & Science Park IV – Special Economic Zone in Batangas, which is expected to be completed by the end of 2026.
“Land development began in January 2024 and is expected to be completed by December 2026, creating 7 direct jobs during operations and 59 indirect jobs during land development,” PEZA said.
Another project approved in October is the pharmaceutical zone in San Miguel, Tarlac City.
Known as the Zen Industrial Pharma Ecozone, the P81.63-million project is expected to be completed by the third quarter of 2026, creating 34 jobs.
“PEZA will host (in Tarlac) the drug export manufacturing facility of Lloyd laboratories in partnership with an American pharma company,” it said.
“This project aims to elevate the Philippines’ pharmaceutical sector and bolster socio-economic development, positioning the country as a hub for pharmaceutical manufacturing and research,” it added. — Justine Irish D. Tabile
