January-November PEZA approvals hit P201.5 billion

MANILA, Philippines — Investments approved by the Philippine Economic Zone Authority (PEZA) have reached P201.55 billion as of end-November, surpassing the full-year 2024 target.

The Department of Trade and Industry (DTI) said the investment approvals during the 11-month period already exceeded this year’s P200-billion target.

The approved investments cover 239 new and expansion projects.

These projects are expected to generate over $3.9 billion in potential export revenues and create more than 70,000 jobs.

In November alone, the PEZA approved P77.794 billion worth of projects that are expected to generate $831.019 million in exports and 30,623 direct jobs.

The approved projects are in export manufacturing, information technology - business process management, facilities development and ecozone development.

These are located in Calabarzon, Central Luzon and Central Visayas.

PEZA director general Tereso Panga said the investment promotion agency has one more board meeting left in December.

“This only proves that investor confidence in the Philippines and in PEZA continues to thrive due to the government’s investor-friendly policy direction partnered with the ease of doing business inside our zones,” Panga said.

Following the recent passage of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy Act, the DTI and PEZA are optimistic of attracting more foreign direct investments as they hold a series of investment missions and joint effort engagements.