Manila: Investment approvals by the Philippine Economic Zone Authority (PEZA) from January to April this year surged by 112 percent to PHP63.5 billion, from PHP29.96 billion in the same period in 2024. PEZA reported Tuesday that its board approved an additional 20 new and expansion projects worth PHP4.58 billion for this month alone.
According to Philippines News Agency, seven of the newly approved projects are in the export manufacturing sector, five in the information technology and business process management (ITBPM), five facilities, two utilities, and one each for logistics and the domestic market. These projects will generate 9,000 jobs and boost Philippine exports by USD300 million annually.
With the new approvals this month, total project registration in PEZA from January to April this year reached 86 new and expansion projects that would create more than 20,000 fresh jobs. 'PEZA's continued upward trajectory reflects our strong commitment towards investment promotion and facilitation. Despite the geopolitical challenges, this momentum reflects renewed investor confidence in the Philippines as a resilient and globally competitive destination,' PEZA Director General Tereso Panga said.
Top foreign investment sources of the investment promotion agency (IPA) in the first four months of the year include South Korea with PHP10.45 billion of investments; the United States, with PHP2.53 billion; China, with PHP2.17 billion; Japan, with PHP1.66 billion; Hong Kong, with PHP1.14 billion; and Singapore, with PHP1.1 billion.
PEZA added that attracting investments from Asian neighbors into the ecozones reflects the benefits of the bilateral free trade agreement (FTA) with South Korea and the emerging China+2 strategy. '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,' Panga said. 'We are bullish that more investors will look at the Philippines for the expansion or even transfer of their offshore operations in the coming months.'
