THE Philippine Economic Zone Authority (PEZA) reported on Thursday that 22 new and expansion projects were approved in May, bringing the total this year to 95, valued at P36.8 billion.

Projected exports are expected to top $1 billion and about 19,000 jobs are projected to be created.

The latest investment count, however, is lower by 23.3 percent from the P48.02 billion approved in January to May last year.

In May alone, the PEZA Board approved 22 new and expansion projects, expected to bring in P6.872 billion worth of investments, account for $100.806 million in exports and generate 4,616 jobs.

"The approvals reflect an increase of 10 percent in new and expansion projects from 20 approved in May 2023, and a 3.04 percent increase in direct employment from 4,438 recorded in the same month last year," the PEZA said.

Broken down, projects approved in May cover various industries, with 19 locator companies and three economic zone developers. Export manufacturing took the lead with 10 projects, followed by IT-BPM (information technology and business process management) with nine, domestic markets with two and one focusing on facilities development.

The PEZA noted that a Japanese enterprise in Cebu registered a P3.9-billion investment for the manufacturing of semiconductor devices and other electronic components.

The value of investments for May, however, fell by 53.9 percent from P14.9 billion a year earlier.

Despite this, PEZA Director General Tereso Panga said they remained optimistic that "the Philippine economy is still poised for substantial growth in the coming years."

"This surge is expected to bolster various industries, particularly in manufacturing and IT-BPM sectors, thus enhancing the country's competitive edge in the global market," he added.

Additionally, the PEZA said that the value of expansion projects in the first two months of the second quarter of 2024 already surpassed the P14.95 billion logged in the previous quarter.

"Moreover, the consistent rise in employment rates also suggests a positive trajectory for consumer spending and economic stability, which in turn may attract further foreign direct investments," it said.

Among the regions, Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) registered the highest number of projects with 12 set to operate particularly in Laguna, Cavite and Batangas. The National Capital Region followed with Taguig and Quezon City each securing three projects. Three projects will be located in Cebu, two projects in Western Visayas, one in Central Luzon and another one in Davao del Norte.