PEZA on track to hit P200-B investment target for 2024

The Philippine Economic Zone Authority (PEZA) is confident of achieving its P200-billion investment goal for 2024, with investment approvals already reaching P186.09 billion as of November 13.

In a statement on Wednesday, PEZA highlighted that this amount has already exceeded the full-year investment approvals for 2023, which totaled P175.71 billion. It also marked a 32% increase from the P140.884 billion recorded during the same period last year.

From January 1 to November 13, the PEZA Board approved 222 new and expansion projects expected to generate over $3 billion in exports and create 60,000 direct jobs.

Four major locator investments worth P60.24 billion and one domestic market enterprise project valued at P50 billion were among the approved projects. 

Notable initiatives include Elmer Francisco Motor Corporation’s plans to manufacture and assemble electric vehicles, parts, and components in Camarines Norte. 

Another set of projects involves constructing a liquid fuel depot in Cebu and expanding vehicle parts manufacturing operations in Batangas.

PEZA also approved a P4-billion ecozone development project in Concepcion, Tarlac.

For November alone, the PEZA Board greenlit 24 new and expansion projects with a combined investment value of P62.341 billion. These projects are projected to generate $300 million in exports and create more than 20,000 jobs.

The November projects include 12 focused on export activities, six on IT services, two on domestic market-oriented ventures, and one each for facilities, logistics, utilities, and ecozone development. 

These initiatives span various regions, including the National Capital Region, Region IV-A, Region III, Region V, Region VII, and Region X.

“The PEZA Board’s approval of the P62.341 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 foreign investments into the ecozone ecosystem,” PEZA Director General Tereso Panga said.

“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 R. Marcos Jr. Similar to last year, we are poised to meet the projected investment and expansion target we have set at P200 billion as we close this year,” he added.