THE Philippine Economic Zone Authority (PEZA) on Sunday released an updated list of approved projects from January to September worth P115.88 billion.
The amount is 4.2 percent higher than the P111.2 billion in the same period last year. The tally of new and expansion projects totals 179.
PEZA's report disclosed that the projects will generate $2.51 billion in exports and create 35,871 direct jobs. The figures are higher by 5.47 percent and 55.82 percent, respectively.
"With significant increases [in projects] across various sectors, the Philippines is poised for an even more robust performance in the final quarter of 2024," PEZA Director General Tereso Panga said.
For September alone, PEZA authorized 16 new and expansion projects worth P54.19 billion in investments, equivalent to 4,044 jobs. This is by far the largest amount of approvals this year, said the country's investment promotion agency. This covers industries such as export manufacturing with eight; IT-BPM sector, five; and one project each in facilities development, ecozone logistics, and ecozone development.
Calabarzon remains the leading region for the projects, with 11 in Laguna and Batangas, Central Visayas and Metro Manila with two each, and Central Luzon with one.
PEZA's most recent board meeting saw the approval of a P50-billion project, its first big-ticket investment in the Marcos Jr. administration.
The project may be eligible for an incentive under the Corporate Recovery and Tax Incentives for Enterprises Maximize Opportunities for Reinvigorating the Economy (Create More) bill, which has been approved in Congress and is up for Marcos' signature.
PEZA likewise approved P988.287 million in investment pledges from a Filipino-owned developer in Lima, Batangas.
"Such big-ticket projects play a pivotal role in driving more investment opportunities across the country," Panga said, adding it would strengthen PEZA's projection to hit its P200-billion investment target in 2024. "With the country being touted as the next tiger economy in the region, we in PEZA remain positive that our target forecast will be achieved."
Moreover, PEZA is anticipating more foreign direct investments (FDI) following the ratification of the Philippine-South Korea free trade agreement and the impending passage of the Create More bill.
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