The Philippine Economic Zone Authority (PEZA) said it is on track to meet its P200-billion investment target for this year as investment approvals already amounted to P186.09 billion as of Nov. 13.
In a statement on Wednesday, PEZA said the amount has already surpassed the P175.71 billion full year 2023 investment approvals.
It was also higher by 32 percent from the P140.884-billion investments in the same period last year.
From Jan. 1 to Nov. 13, the PEZA Board approved 222 new and expansion projects which are projected to generate more than $3 billion in exports, and create 60,000 direct jobs.
Included in the approved projects were four big-ticket locator projects worth P60.24 billion, and one domestic market enterprise with P50 billion investments.
The PEZA said Elmer Francisco Motor Corporation will engage in the manufacturing and assembly of electric vehicles, parts, and components in Camarines Norte.
A domestic market enterprise and export enterprise will construct a liquid fuel depot in Cebu and manufacture additional vehicle parts and components in Batangas.
The PEZA said a P4-billion new ecozone development project was also approved which will be located in Concepcion, Tarlac.
For November alone, the PEZA Board approved 24 new and expansion projects with a cumulative amount of P62.341 billion.
These projects are expected to generate $300 million in exports and create more than 20,000 jobs.
Among these, 12 will be engaged in export activities, six in information technology activities, two in domestic market-oriented projects, and one each in facilities, logistics, utilities, and ecozone development across the National Capital Region, Region IV-A, Region III, V, VII, and X.
“The PEZA Board’s approval of the P62.341 billion investments during our first Board meeting this month brings us closer to our goal of driving further growth and innovation in the country with the continued entrance of both local and foreign investments into the ecozone ecosystem," PEZA Director General Tereso Panga said.
“Surpassing the previous year’s investment acquisition performance is a clear sign of the confidence of both international and local investors in our current economy and policies as charted by President Ferdinand R. Marcos Jr. Similar to last year, we are poised to meet the projected investment and expansion target we have set at P200 billion as we close this year,” he added.
