Manila: Projects approved by the Philippine Economic Zone Authority (PEZA) in the first ten months of this year rose 41.72 percent to PHP175.37 billion, making its officials optimistic of hitting the agency's PHP250 billion target this year. Data released by the agency on Friday indicated that the 243 new and expansion projects approved by the PEZA Board as of the end of October are expected to generate around USD6.079 billion in exports and create 59,937 direct jobs for Filipinos.

According to Philippines News Agency, the majority of these investments originate from Japan, followed by the Cayman Islands, South Korea, China, Singapore, and the USA. During the same period, investments in domestic market-focused businesses reached PHP84.31 billion. PEZA highlighted in a statement that this is 'a testament to both strong domestic investor confidence and the sustained interest of global players in PEZA ecozones.'

For October alone, PEZA approved investments from 28 new and expansion projects worth PHP20.66 billion, marking a 162.64 percent increase compared to the nearly PHP7.87 billion from the same time last year. These projects are 'expected to generate USD1.588 billion in exports,' a 182.33 percent rise from a year ago, and are projected to create around 9,507 new jobs, up by 95.53 percent from the same period last year.

PEZA Director General Tereso Panga commented on the investment figures, stating they 'reflect the continuing confidence of our locators and partners in the ecozone program and the country's long-term investment potential.' He emphasized that their focus 'remains on strengthening our ecozone program and ensuring a stable, transparent, and competitive business environment that supports sustainable growth.'

Panga added, 'With over 70 percent of our investment target already achieved within ten months-and with strong pipelines of projects still under review-we are confident and optimistic of meeting and hopefully even exceeding our 2025 investment goal of PHP250 billion.'