Investment pledges in PEZA reach P37B in Jan-May '24

By Kris Crismundo

June 6, 2024, 6:57 pm

MANILA – Investment pledges in the Philippine Economic Zone Authority (PEZA) reached PHP36.83 billion in the January to May 2024 period after it approved 22 projects in May with investments amounting to PHP6.87 billion.

PEZA said in a statement Thursday that it registered a total of 95 projects in the first five months of the year, expected to contribute an additional USD1 billion in exports.

However, the investment pledges in the first five months of the year were lower by 23 percent from the PHP48 billion approvals in the same period in 2023.

On the other hand, based on the previous report of PEZA, despite the lower value in investment pledges, the number of jobs that will be created from these investments from January to May 2024 period surged by 324 percent to 19,000 from 4,480 jobs in the same period a year ago.

"The rise in the number of approved projects emphasizes PEZA's pivotal role in catalyzing investment inflow and fostering sustainable employment across various sectors," Panga said, noting that the 90 registered projects from January to May period were 63 percent higher than last year.

Meanwhile, for May 2024 alone, the 22 approved projects include 10 manufacturing projects, nine in information technology and business process management, two in domestic markets, and one focusing on facilities development.

In terms of the locations of these projects, these will be in Calabarzon with 12 projects, Metro Manila with three projects, three in Cebu, and one each in Bacolod, Iloilo, Pampanga, and Davao del Norte.

"Guided by the investment strategies of no less than President Ferdinand E. Marcos Jr., we shall continue to strengthen our investment attraction and facilitation efforts to continue promoting the Philippines as an enviable destination in the region," Panga said. (PNA)