The Philippine Economic Zone Authority (PEZA) recorded some P36.83 billion in investment pledges in the first five months of 2024, approving 22 projects in May with investments amounting to P6.87 billion.
From January to May this year, at least 95 projects were registered in PEZA, and they are forecasted to contribute an additional $1 billion in exports. However, the investment pledges in the year's first five months were lower by 23% from the P48 billion approvals in the same period in 2023.
"The rise in the number of approved projects emphasizes PEZA's pivotal role in catalyzing investment inflow and fostering sustainable employment across various sectors," PEZA director general Tereso O. Panga said, noting that the 90 registered projects from January to May period were 63% higher than last year.
Based on PEZA's previous report, despite the lower value of investment pledges, the number of jobs that will be created from these investments from January to May 2024 surged by 324 percent to 19,000 from 4,480 jobs in the same period a year ago.
In May 2024, the 22 approved projects spanned various sectors, including 10 in manufacturing, nine in information technology and business process management, two in domestic markets, and one focusing on facilities development.
In terms of the locations of these projects, these will be in Calabarzon with 12 projects, Metro Manila with three projects, three in Cebu, and one each in Bacolod, Iloilo, Pampanga, and Davao del Norte.
"Guided by the investment strategies of no less than President Ferdinand E. Marcos Jr., we shall continue to strengthen our investment attraction and facilitation efforts to continue promoting the Philippines as an enviable destination in the region," Panga said.