Manila: The Philippine Economic Zone Authority (PEZA) reported Wednesday that it has approved a total of PHP123.76 billion worth of projects from January to October 2024. Despite the lower investment commitments, which went down by 6 percent from PHP131.76 billion in the same period in 2023, the number of projects approved by the PEZA Board in the first 10 months in 2024 improved to 198 from 169 last year. These projects will boost Philippine exports by USD3.08 billion annually and generate 40,733 jobs. Job creation in PEZA ecozones this year increased by 43 percent from 28,521 jobs generated in the same period last year. 'We are more than halfway to our target, thanks to the continued trust of investors in the Philippines. Through upcoming investment missions, we aim to exceed our target and further boost the country's export performance and competitiveness under the President's vision of Bagong Pilipinas,' PEZA Director General Tereso Panga said. In October 2024 alone, the PEZA Board approved 19 projec ts with aggregate investments amounting to PHP7.87 billion. These include eight projects in manufacturing, eight in information technology, two in ecozone development, and one in ecozone logistics. The activities of these projects involve fabricated metal products, computer programming, commercial printing, electronic products, semiconductor devices, warehousing, transportation support activities, office support, and rubber and plastic products. Moreover, the two new PEZA-registered ecozones include the PHP1.75-billion expansion of Light Industry and Science Park IV-Special Economic Zone (LISP IV-SEZ), covering 31 hectares of land in San Fernando and Luta Sur in Malvar, Batangas. "Land development began in January 2024 and is expected to be completed by December 2026," PEZA said. On the other hand, a new pharmaceutical zone will rise in San Miguel, Tarlac -the PHP81.63-million Zen Industrial Pharma Ecozone. According to PEZA, the Zen pharma ecozone will host the drug export manufacturing partnership of Lloyd Laboratories and an American firm. Source: Philippines News Agency