MANILA - The Philippine Economic Zone Authority (PEZA) has seen a significant increase in the number of projects registered in the first half of 2024, with a total of 120 projects approved, marking an 18 percent rise from the same period last year.
According to Philippines News Agency, the approval of these projects reflects strong investor confidence in the Philippines' business environment and economic prospects. This uptick from the 102 projects approved in the first half of 2023 underscores the country's appeal as an investment destination. The top foreign investors include the Cayman Islands, Japan, Malaysia, Hong Kong, and Singapore, contributing investments of PHP8.86 billion, PHP8.02 billion, PHP4.53 billion, PHP1.62 billion, and PHP1.27 billion, respectively.
The new projects are distributed across various sectors, with 57 in manufacturing, 32 in information technology and business process management, 13 in ecozone development, nine in facilities, six in domestic enterprises, and three in logistics activities. Notably, a significant portion of the investment, totaling PHP22 billion, is being channeled into regions outside Metro Manila, including Calabarzon, Central Luzon, Central Visayas, and Soccsksargen.
Despite the increase in the number of projects, the total capital pledged in these investments has decreased by 43 percent to PHP45.48 billion from PHP80.56 billion during the first half of 2023. However, Panga emphasized that these projects are expected to generate considerably more employment opportunities, projecting an addition of 25,259 new jobs, which is 64 percent higher than the 15,424 jobs created in the previous year.
These investments align with the Department of Trade and Industry’s (DTI) agenda to promote job creation through investment growth. The influx of projects is also anticipated to boost the country's exports by USD1.61 billion. Panga expressed optimism about continuing to attract a diverse array of investors in line with the strategic investment generation and foreign direct investment (FDI) collaboration plans led by President Ferdinand R. Marcos Jr., aiming to further enhance the Philippines' economic growth and development.