THE Philippine Economic Zone Authority (PEZA) approved investment pledges worth P4.575 billion in April, down 69.5% year on year.
In a statement on Tuesday, PEZA said it approved 20 new and expansion projects at a board meeting on April 23. The approved investments are expected to generate more than 9,000 jobs and over $300 million worth of exports.
Seven of the projects involve export manufacturing, five information technology and business process management (IT-BPM), four facilities, two utilities, and one logistics. One of the projects is a domestic enterprise.
The projects are located in the National Capital Region, Cordillera Administrative Region, Central Luzon, Calabarzon, and Central Visayas.
PEZA’s approvals for the month brought the four-month tally to P63.523 billion, up 112.06%.
In the first four months, the investment promotion agency approved 86 new and expansion projects, expected to generate 24,920 jobs and $846.735 million in exports.
“PEZA’s continued upward trajectory reflects our strong commitment towards investment promotion and facilitation,” PEZA Director General Tereso O. Panga said.
“Despite the geopolitical challenges, this momentum reflects renewed investor confidence in the Philippines as a resilient and globally competitive destination,” he added.
The 86 approved investments include 31 manufacturing projects, 29 IT-BPM projects, eight domestic enterprises, seven economic zone developments, and seven facilities projects.
South Korea was the top source of investment in the first four months, accounting for P10.45 billion. This was followed by the US (P2.53 billion), China (P2.17 billion), Japan (P1.66 billion), Hong Kong (P1.14 billion), and Singapore (P1.1 billion).
Meanwhile, PEZA said that it signed a supplemental agreement with MOOG Controls Corp. for the company’s new facility in Luisita Industrial Park in Tarlac.
It also said that the Baguio City Economic Zone Multipurpose Center is now 62% complete and will be running by the third quarter.
“With the current global trade volatilities and uncertainty in the supply chain, we have been receiving more queries about the Philippines and even welcoming several inbound delegations exploring investment opportunities within the ecozones,” Mr. Panga said. — Justine Irish D. Tabile