THE Philippine Economic Zone Authority (PEZA) reported on Friday that 24 new and expansion projects had been approved as of August 7, bringing the total this year to 144 valued at P54.7 billion.

Projected exports were seen topping $1.87 billion and 29,524 jobs could be created should the pledges materialize.

The latest approvals cover projects discussed during PEZA board meetings. The 25 projects are expected to bring in P9.23 billion worth of investments, account for $264.78 million in exports and generate 4,265 jobs.

The latest approvals improved from the 15 recorded a month earlier, the PEZA said.

"The continuous rise in the number of new and expansion projects signify the international arena's confidence in the Philippines' business environment and economic potential," PEZA Director General Tereso Panga said.

Broken down, 14 of the projects involve export manufacturing, four comprise information technology and business process management, two in facilities development, one for the domestic market and three in ecozone development.

The PEZA said the projects would support the government's goal of achieving upper-middle-income status for the Philippines.

Panga said the expected rise in employment would boost consumer spending and economic stability, which may attract further foreign direct investments.

"With continuous strategic planning and unshakeable government backing, it is certain that PEZA is right on track in achieving its long-term objectives," he added.

The Calabarzon region accounted for the highest number of projects at 18, set to operate in Laguna, Cavite and Batangas. Central Visayas followed with four projects to rise in Cebu and Central Luzon counted two projects in Bataan.

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