The Philippines enjoys trust and confidence of foreign investors as Philippine Economic Zone Authority revealed growth in investment activities for the first quarter of 2024, with approval of a total of 50 new and expansion projects worth ₱14.95 Billion.
According to PEZA Director General Tereso Panga, this 19.25% higher than the ₱12.54 Billion investments approved for the same period last year.
The 50 projects are into export manufacturing (29), IT-BPM (13), logistics (3), facilities (3), domestic market (1), and ecozone development (1). The projects are also expected to bring in US$ 616.59 Million in exports and 11,558 in employment.
The majority of these projects will be in Quezon, Taguig and Makati Cities, CALABARZON, Bataan, Pampanga, Cebu, Albay, and Cagayan De Oro. Meanwhile, top investments came from Cayman Islands, Hong Kong, Singapore, Philippines, and Japan.
The PEZA Chief noted, “We are positive that we will see a continuous upward trajectory with our aggressive investment promotion and facilitation as President Ferdinand Marcos Jr. strengthen our bid to position the Philippines as the preferred investment destination in Asia, complemented by PEZA’s targeted and aggressive approach in investment promotion.”
March Board approvals
Specifically for March, the PEZA Board approved a total of 22 new and expansion projects expected to bring in PhP 2.85 Billion. This is 21.8% higher than the PhP 2.34 Billion approved from 12 projects in March 2023.
In terms of exports and employment, the projects are seen to bring in US$ 363.78 Million exports and create 7,978 jobs.
Among the 22 projects, thirteen (13) are into export manufacturing, six (6) into IT-BPM, two (2) for facilities, and one (1) for logistics.
CALABARZON remains the top destination region for March-approved projects both for new and expansion projects, with others choosing Taguig City, Quezon City, Pampanga, and Cebu.
Hitting targets
Expressing confidence in hitting PEZA’s targets this year, the PEZA Chief noted that “PEZA is right on track and will ride the wave of the President’s business-friendly stance, the country’s renowned sound fiscal management and solid economic fundamentals, and this administration’s whole of government approach in investment promotion led by no less than the President, through Special Assistant to the President for Investments and Economic Affairs (SAPIEA) Secretary Frederick D. Go and Trade Secretary and PEZA Board Chairman Alfredo E. Pascual and his very abled economic team.”
“PEZA is more than encouraged to sustain its growth momentum this year and onwards given the very positive investment climate statement recently issued by the US International Trade Administration and Bloomberg International, saying that business environment is notably better particularly within the PEZA special economic zones and that PEZA is a unique factor for the Philippines in terms of FDI attraction,” expressed DG Panga.
For the coming months, PEZA will be conducting a follow-through on the pledges obtained by the Philippines during the President’s official state visits and likewise attract the untapped strategic sectors that will be vital in the country’s economic growth and development.