PEZA Approvals Hit PHP 186 Billion, Surpass 2023 Record

The Philippine Economic Zone Authority (PEZA) has approved PHP 186.1 billion worth of investments as of November 13, 2024, exceeding its PHP 175.7 billion total in 2023 and showing a 32% year-on-year increase.

PEZA’s board, led by Chairman and Acting Trade Secretary Cristina Roque, greenlit 222 new and expansion projects for the year. These projects are projected to generate over $3 billion in exports and create 60,000 direct jobs, cementing the ecozone sector’s vital role in driving economic growth.

PEZA Director General Tereso O. Panga highlighted the agency’s strong performance, stating, “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.”

Panga is optimistic that PEZA will meet its PHP 200 billion target by year-end, boosted by approvals made during its November board meeting, which alone accounted for PHP 62.3 billion in investments.

Four Big-Ticket Projects Take Center Stage

Among the newly approved projects, four big-ticket investments totaling PHP 60.2 billion stand out. Notable among them is Elmer Francisco Motor Corporation’s electric vehicle (EV) manufacturing and assembly project in Camarines Norte, which will inject over PHP 50 billion.

This initiative aligns with government efforts to promote EV use domestically and integrate the Philippines into the global EV supply chain, with the CREATE MORE Act providing extended tax incentives.

Other large projects include a liquid fuel depot in Cebu, additional vehicle parts manufacturing in Batangas, and an ecozone development in Tarlac with over PHP 4 billion investments. The ecozone project is expected to enhance Tarlac’s industrial and commercial capabilities, generating new opportunities for regional economic growth.

Boost from the CREATE MORE Act

The CREATE MORE Act, aimed at enhancing tax incentives and broadening ecozone participation, has been pivotal in attracting investments. PEZA Chief Panga emphasized its significance, saying, “The CREATE MORE Act empowers PEZA and its mandate to support FDI-driven exports, job creation, and sustainable economic growth, helping build a globally competitive and inclusive Philippines.”

Special Assistant to the President for Investment and Economic Affairs Frederick Go praised the law’s passage, noting it signals to global investors that the Philippines is serious about addressing investment challenges.

Focus on Inclusive and Sustainable Growth

PEZA’s strategy, guided by President Marcos’ administration, centers on a whole-of-government approach to positioning the Philippines as a premier investment hub. “We shall continue to join hands…to achieve a more inclusive growth para sa Bagong Pilipinas,” Panga added.

As 2024 progresses, PEZA’s robust investment performance underscores investor confidence and the potential of ecozones to sustain economic momentum, particularly in emerging industries like electric vehicles and renewable energy.