Pasay City – Formally welcoming the second half of the year, the Philippine Economic Zone Authority (PEZA) Board held its bi-monthly meeting at the PEZA Head Office last 07 August 2024 (Wednesday). This also marks the Department of Trade and Industry (DTI) Acting Secretary Cristina Roque’s investiture as the new PEZA Board Chairperson, succeeding former Secretary Alfredo Pascual.
The PEZA Board during its first meeting for H2 of 2024
The approvals manifest a steady increase in the number of new and expansion projects as well as direct employment opportunities, with a total of 144 approved projects and 29,524 jobs from January to August 2024. This exhibits a 60.4% increase in employment in comparison with the same period in 2023. During the past seven months, the approved accumulated investments are valued at PhP 54.716 billion while the projected exports are worth US$ 1.875 billion.
PEZA Director General Tereso O. Panga said, “The continuous rise in the number of new and expansion projects signify the international arena’s confidence in the Philippines’ business environment and economic potential. Moreover, our proactive efforts in establishing the country’s place as the go-to investment hub in the region plays a vital role in the ceaseless cycle of employment generation for our fellow Filipinos, paving the way for a better and brighter future not only for their families, but also for the nation’s success.” This significant boost highlights our dedicated efforts to further contribute to the country’s GDP growth, which has now accelerated to 6.3% and considered as the second fastest among its Asian neighbors.
PEZA Director General Tereso O. Panga presiding the Board Meeting
Board Approvals for August 2024
On 07 August 2024, a total of 24 new and expansion projects were approved by the PEZA Board expected to bring in PhP 9.235 billion worth of investments, US$ 264.783 million in exports, and 4,265 employment opportunities for fellow Filipinos.
These approvals mark a substantial 60% increase in new and expansion projects compared to the 15 approvals last July 2023 and a 42.98% increase in employment compared to the 2,983 opportunities generated during the same period last year.
Department of Finance (DOF) Undersecretary Bayani Agabin deliberating the meeting agenda
A diverse combination of industries constitutes the 24 approved new and expansion projects for August 2024. These approved locator company projects consist of fourteen (14) involved in export manufacturing, four (4) in IT-BPM, two (2) in facilities development, one (1) into domestic market, and three (3) into ecozone development. As with the previous month, CALABARZON continues to dominate in facilitating these ventures with eighteen (18) projects in Laguna, Batangas, and Cavite, followed by Region VII with four (4) projects in Cebu, and Central Luzon with two (2) projects in Bataan.
For this meeting, two (2) notable new and expansion projects were approved from both 100% Filipino ecozone developers with worth PhP 4.675 billion combined investments, focused on the facilitation of locator companies in Bataan and Cavite. These big-ticket projects give way in boosting investment opportunities in the country, in support of President Ferdinand Marcos Jr.’s goal of making the Philippines an upper-middle income status economy.
The PEZA Board discussing pressing agenda for new and expansion project approvals
DTI’s commitment in the cultivation of employment opportunities for Filipinos through securing investment deals with globally competitive institutions is made possible through the collective and collaborative efforts of one another in placing the Philippines as a premier investment destination in Asia.
“With continuous strategic planning and unshakeable government backing, it is certain that PEZA is right on track in achieving its long-term objectives. The country’s inevitable adherence to economic growth and development is a clear manifestation of the agency’s invaluable service to the nation,” expressed the PEZA Chief.
The PEZA Board is slated to meet for another meeting by the end of the month. ###
