Pasay City – The Philippine Economic Zone Authority (PEZA) has recorded a total of PhP 186.098 Billion investments for the year, already surpassing its PhP 175.71 Billion investment approvals in 2023 and on track to achieve its targets for the year, during its Board meeting last 13 November 2024.
From January to 13 November 2024, the PEZA Board under Chairman and Acting Trade Secretary Cristina Roque greenlighted 222 new and expansion projects. These are projected to generate more than US$ 3 Billion in exports and boost employment with the creation of 60,000 direct jobs, reflecting a robust performance compared to the same period in 2023.
Year-on-year comparative data shows an increase of 32% in investment approvals as compared to the PhP 140.884 Billion investments approved for the same period in 2023.
PEZA Director General Tereso O. Panga expressed, “The PEZA Board’s approval of the PhP 62.341 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.”
“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 PhP 200 B as we close this year,” he added.
November 2024 approvals
The PhP 62.341 Billion investments came from 24 new and expansion projects greenlighted by the PEZA Board for their first meeting in November. These projects are expected to generate US$ 300 million in exports and create more than 20,000 jobs.
A wide range of industries constitutes the 24 newly approved and expansion projects for 13 November 2024. Among these projects, 12 will be engaged in export activities, six (6) in IT services, two (2) in domestic market-oriented projects, and one (1) each in facilities, logistics, utilities, and ecozone development across NCR, CALABARZON, and Regions III, V, VII, and X.
November 13 Board approvals
Big-ticket projects
Included in the approved projects were four (4) big-ticket locator projects worth PhP 60.248 Billion, with one domestic market enterprise injecting more than PhP 50 Billion investments.
Expected to enjoy a longer incentive package under the CREATE MORE Law, the Elmer Francisco Motor Corporation will engage in the manufacturing and assembly of electric vehicles, 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 electric vehicles.
Meanwhile, another domestic market enterprise and an export enterprise, with a combined total investment exceeding PhP 3 billion, are expected to drive further growth in the regions through the construction of a liquid fuel depot in Cebu and the manufacturing of additional vehicle parts and components in Batangas.
A significant new ecozone development project was also approved, led by a fully Filipino-owned developer with more than PhP 4 Billion of investments to be located 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. This approval also marks a crucial step toward expanding regional investment opportunities and contributing to the country's broader economic goals.
The PEZA Board and officials discussing matters for approval
CREATE MORE Act
To further the government’s initiatives towards making the Philippines the best investment destination in the region, PEZA is leveraging on the recent passage of the Corporate Recovery and Tax Incentives for Enterprises Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act which is seen to boost the competitiveness of the country and entice more investment for their offshore expansions and operations.
A key priority of the Marcos Jr. administration under the Office of the Special Assistant to the President for Investment and Economic Affairs, Secretary Frederick Go noted that “Passing [this law] is so critical to us signaling to the world that we are listening and that we are responding to the issues and difficulties that they have raised and brought to our attention.”
SAPIEA Secretary Frederick Go delivering his message at the WTCMM Networking Forum
“We are fortunate to have the support and assistance of Secretary Go and our legislators to have this landmark law passed as it further enhances our attractiveness to investors and positions the Philippines as a top investment choice not only in Asia but around the globe,” noted DG Panga.
PEZA is also positive that the CREATE MORE Act will advance its priority to include domestic market enterprises and SMEs in the ecozone value chain, thus completing the supply chain and becoming a more attractive location for investments.
PEZA Director General Tereso O. Panga presiding the 13 November 2024 Board meeting
The PEZA Chief expressed, “The CREATE MORE Act empowers PEZA and its mandate to support FDI-driven exports, job creation, and sustainable economic growth, helping build a globally competitive and inclusive Philippines. We look forward to working with stakeholders to maximize these benefits and drive transformative impact across the nation.”
“We shall continue to join hands in employing a whole-of-government and industry approach to continue unlocking the country’s potential as the smart investment destination in the region, and ultimately achieve a more inclusive growth para sa Bagong Pilipinas,” noted DG Panga. ###