NEW investments worth P123.71 billion and corresponding to 198 projects have been approved from January to October, the Philippine Economic Zone Authority (PEZA) reported on Wednesday.

The amount is lower than the P131.76 billion in the same period in 2023. But the projects are 29 more than the 169 approved deals last year, and are projected to earn $3.074 billion in export revenues and surpass last year's $3.025 billion.

PEZA Director General Tereso Panga noted the new projects' total value is just P76.29 billion shy of the agency's P200 billion target.

PEZA Director General Tereso Panga

"Through upcoming investment missions, we aim to exceed our target and further boost the country's export performance and competitiveness," he said.

The business ventures, PEZA said, will create 40,733 direct jobs, or 42.82 percent more than the 28,521 in the same period in 2023.

In its October 18 meeting, the PEZA board approved projects worth P7.82 billion. These are forecast to make $561.5 million in export income and provide 4,862 jobs.

Also signed during the meeting were 19 new and expansion projects in various sectors including manufacturing and information technology with eight each; ecozone development, two; and one in ecozone logistics services.

These will produce fabricated metal, rubber, plastics, computer programs, commercial printing, electronics, semiconductor devices and offer warehousing, transportation support activities and office support.

Ecozone development projects include the expansion of Light Industry & Science Park IV-Special Economic Zone covering 30.8 hectares in San Fernando and Luta Sur, Malvar, Batangas, amounting P1.75 billion.

Another one is the Zen Industrial Pharma Ecozone, which will start construction in January 2025 and finish by November 2026. The project will cost P81.63 million.

PEZA said it will also host the drug export manufacturing facility of Lloyd Laboratories in partnership with an American pharmaceutical firm.