PEZA boosts job creation with significant project approvals

By Francis Allan L. Angelo

The Philippine Economic Zone Authority (PEZA) has approved 120 new and expansion projects from January to June 2024, expected to generate over 25,000 jobs and inject PhP 45.482 billion in investments, with projected exports of approximately USD 1.611 billion.

PEZA Director General Tereso O. Panga emphasized the positive impact of these projects on the Philippine economy.

“The approval of these projects signals robust confidence in the Philippines’ business environment and economic potential,” Panga said. “Creating more jobs for Filipinos signifies the agency’s proactive efforts in positioning the Philippines as a premier investment destination in Asia.”

The first half of 2024 saw an 18% increase in new projects and a 64% rise in direct employment compared to the same period last year.

In the second quarter alone, PEZA approved 70 new and expansion projects, a 40% increase from Q1’s 50 projects.

Investments in Q2 reached PhP 30.530 billion, more than double Q1’s PhP 14.951 billion. Projected employment in Q2 also rose to 13,751, marking an 18.97% increase from the previous quarter.

Five significant projects with a combined investment of PhP 31.362 billion were among those approved, including a major ecozone development in Tarlac and advanced manufacturing projects by companies from the Cayman Islands and Japan.

Other notable investments came from Malaysian and Japanese firms focusing on hair styling products and biomass fuel.

PEZA also reported heightened interest from Eastern European countries, with delegations from Ukraine, Poland, and Russia exploring investment opportunities in the Philippines.

On June 28, the PEZA Board approved 25 new and expansion projects worth PhP 8.654 billion, projected to generate USD 416 million in exports and create 5,881 jobs.

This represents a 13.64% increase in projects and a 69.24% rise in employment compared to June 2023.

The approved projects span various industries, including export manufacturing, IT-BPM, and logistics services, with CALABARZON being the most popular location by hosting 15 of the new projects.

Other locations included the National Capital Region, Region III, Region V, Region VII, and Region XII.

PEZA’s commitment to attracting significant investments is aligned with the government’s goal of achieving a 6.5-7.5% GDP growth in 2024, the highest among ASEAN countries.

“With strategic planning and continued support from the government, PEZA is well-positioned to meet its short and long-term goals, ensuring that the Philippines remains a competitive and attractive destination for global investors,” Panga said.