Manila: The Philippine Economic Zone Authority (PEZA) has announced that it has secured PHP216.46 billion in approved investments as of August, achieving 72.16 percent of its PHP300 billion target for the year. This significant progress was revealed by the agency on Tuesday.

According to Philippines News Agency, data released by PEZA indicated that the approved investments by the Board's meeting on August 20 more than doubled from PHP105.83 billion during the same period last year, reflecting an impressive 104.53 percent increase. The approved investments span 196 projects, rising from 179 a year earlier, and are projected to generate USD6.604 billion in exports along with 26,994 direct jobs across the nation.

The manufacturing sector leads the way, accounting for the largest share with 80 projects. This is followed by ecozone development with 31 projects; information technology-business process management (IT-BPM) with 30; facilities with 19; logistics and domestic market with 15 each; tourism with four; and utilities with two. The majority of these projects are owned by Filipino, Dutch, South Korean, Singaporean, and Taiwanese investors.

PEZA highlighted that 34 of the approved projects are considered big-ticket investments, collectively valued at PHP193.713 billion. Moreover, during its August 20 meeting, the PEZA Board approved 22 new and expansion projects valued at nearly PHP64.57 billion.

'The fact that PEZA has reached more than 72 percent of its annual target within just eight months is a testament to the growing investor confidence in the Philippines, which is materializing into substantial commitments. Our current focus is to expedite the progress of these projects and ensure that their benefits are extended to more Filipino workers and communities,' stated Trade and Industry Secretary Ma. Cristina Roque.