THE PHILIPPINE Economic Zone Authority (PEZA) has greenlit P186.098 billion in investment pledges as of Nov. 13, surpassing the total approvals in 2023.
This was 32.1% higher than the P140.884 billion worth of investments it approved in the same period in 2023.
In a board meeting on Nov. 13, the PEZA Board approved 24 new and expansion projects worth P62.341 billion, which are expected to generate $300 million in exports and 20,000 jobs.
The recent approvals comprise 12 projects in export activities, six projects in information technology services, two domestic market-oriented projects, a facilities, logistics and utilities project, and an economic zone development.
This brought PEZA’s total number of projects approved this year to 222, which are expected to generate $3 billion in exports and 60,000 jobs.
“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.,” said PEZA Director-General Tereso O. Panga.
“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.
According to PEZA, it is leveraging the recently signed Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act to attract more investments.
“(The law) further enhances our attractiveness to investors and positions the Philippines as a top investment choice not only in Asia but around the globe,” said Mr. Panga.
President Ferdinand R. Marcos, Jr. earlier this month signed into law the CREATE MORE Act, which reduces to 20% the corporate income tax for business enterprises registered with investment promotion agencies
“The CREATE MORE Act empowers PEZA and its mandate to support foreign direct investment-driven exports, job creation, and sustainable economic growth, helping build a globally competitive and inclusive Philippines,” Mr. Panga said.
According to PEZA, the recent approvals include four big-ticket locator projects, which have a combined investment of P60.248 billion.
Elmer Francisco Motors Corp. is planning to invest over P50 billion to manufacture and assemble electric vehicles (EVs), parts, and components in Camarines Norte.
“This project is seen to support the government’s initiatives to increase the utilization of EVs in the domestic market and make the Philippines a part of the global chain of EVs,” PEZA said.
Meanwhile, a domestic market enterprise and an export enterprise are investing over P3 billion in a liquid fuel depot in Cebu and the manufacturing hub of additional vehicle parts and components in Batangas.
A Filipino-owned developer is also investing P4 billion in a new economic zone development in Concepcion, Tarlac.
“By providing critical infrastructure and support, the development aims to attract more businesses, boost local economic activity, and strengthen Tarlac’s growing role as a hub for industrial and commercial enterprises,” PEZA said.
“This approval also marks a crucial step toward expanding regional investment opportunities and contributing to the country’s broader economic goals,” it added. — Justine Irish D. Tabile