THE Philippine Economic Zone Authority (PEZA) said it approved P48.87 billion worth of investment proposals in September, helping it exceed 60% of its approvals target in the year to date.
The September total is 9.8% lower year on year, it said. The 36 approved projects are expected to create 10,312 jobs and generate $1.113 billion worth of exports.
Of the total, 16 are manufacturing projects, while nine are information technology and business process management (IT-BPM) projects.
Five of the approved investment pledges were economic zone (ecozone) developments, three are to develop facilities, two are logistics projects, and one is a domestic market enterprise.
Eighteen of the projects approved in September plan to locate in Region IV-A, while others selected sites in the National Capital Region, Region VII, Region III, Region I, Region V, and Region XI.
Approvals in September brought the nine months’ total to P154.7 billion, up 33.5% from a year earlier.
These comprise 215 projects which are projected to generate 50,430 jobs and $4.49 billion in exports.
“These approvals demonstrate enduring investor confidence in the Philippines,” PEZA Director General Tereso O. Panga said in a statement on Tuesday.
“Backed by sustained momentum and robust investment activity, we are on track to attain our P250-billion goal and strengthen our standing as a leading investment destination in Asia,” he added.
He said that he expects the approvals to further increase in the last quarter amid the agency’s “expanded regional engagements.”
Of the projects approved so far this year, 98 are manufacturing projects, 55 are IT-BPM projects, 18 are domestic enterprises, 17 are ecozone developments, 16 are facilities projects, seven are logistics projects, and four are utilities projects.
“The manufacturing sector remains the backbone of PEZA’s growth, with notable gains in electronics, automotive and auto parts, and food processing,” PEZA said.
“These industries collectively contributed more than P42.4 billion in approvals from January to September, reinforcing the Philippines’ position as a vital hub for advanced and diversified manufacturing in Asia,” it added.
JAPANESE INVESTMENTS
Investments from Japan led the foreign investment approvals in the first nine months, worth P14.778 billion, or 9.55% of the total.
“This rebound firmly puts Japan back on top as PEZA’s leading investment partner, reaffirming its long-standing role as a driver of Philippine industrial growth and innovation,” PEZA said.
These approvals include a P9.1-billion project of a domestic market enterprise that will manufacture food products and processed foods inside the TARI Estate, which will cater to both domestic and export markets.
“Japan’s return as our leading partner reflects the fruit of our investment missions and strong collaborations with stakeholders,” said Mr. Panga.
“With nearly 10% of this year’s total project approvals coming from Japanese companies, we see undeniable proof of the Philippines’ standing as a trusted and highly competitive hub in Asia,” he added.
Meanwhile, P13.142 billion came from the Cayman Islands, P10.765 billion from South Korea, P6.322 billion from China, and P6.105 billion from the US.
“Given the robust interest and caliber of projects underway, we are not merely on track to meet our goal; we are positioned to deliver even bigger economic wins for the country and our people as we achieve our 2025 investment targets,” he added. — Justine Irish D. Tabile