The PEZA Board and officials discussing matters for approval. Photo courtesy of PEZA

The Philippine Economic Zone Authority (PEZA) is on a roll this year, already surpassing its 2023 investment approvals. With a whopping ₱186.098 billion in investments recorded as of November 13, 2024, PEZA is well on its way to hitting its ₱200 billion target for the year. That’s a 32% jump compared to the same period last year, proving that the Philippines is becoming a hotspot for local and foreign investors.

Big Numbers, Big Impact

From January to mid-November, the PEZA Board, led by Chairman and Acting Trade Secretary Cristina Roque, approved 222 new and expansion projects. These projects are expected to rake in over $3 billion in exports and create 60,000 direct jobs.

PEZA Director General Tereso O. Panga couldn’t hide his excitement, saying, “Surpassing last year’s performance shows the confidence of investors in our economy and the policies set by President Marcos Jr. We’re on track to meet our ₱200 billion target as we close the year.”

November's Record-Breaking Approvals

During their first board meeting this November, PEZA greenlit ₱62.341 billion worth of investments across 24 projects. These include ventures in export activities, IT services, logistics, and ecozone development, spread across regions like NCR, CALABARZON and beyond.

Four big-ticket projects caught everyone’s attention:

1. Electric Vehicles in Camarines Norte – Elmer Francisco Motor Corporation will manufacture EVs and components, bringing the country closer to its green energy goals.

2. Fuel Depot in Cebu – A new facility will boost energy logistics in the region.

3. Vehicle Parts in Batangas – Additional manufacturing projects promise a stronger foothold in the global automotive supply chain.

4. Ecozone Development in Tarlac – A ₱4 billion investment in Concepcion will turn the area into a thriving industrial hub.

CREATE MORE Act: A Game-Changer

PEZA attributes much of its success to the recently passed CREATE MORE Act, which enhances the country’s appeal to investors. With extended tax incentives and a focus on strengthening local supply chains, the law aligns perfectly with the government’s vision of a more competitive Philippines.

Secretary Frederick Go, from the Office of the Special Assistant to the President, emphasized, “Passing this law signals to the world that we’re listening to investors’ concerns and addressing them head-on.”

DG Panga added, “The CREATE MORE Act empowers us to drive exports, job creation, and sustainable growth. Together with our partners, we’re unlocking the country’s potential as a smart investment destination.”

What’s Next?

As 2024 wraps up, PEZA is doubling down on efforts to attract more investors and achieve inclusive growth under the Bagong Pilipinas vision. With record-breaking numbers and groundbreaking projects, it’s clear the Philippines is stepping into its role as a global economic player.

What do you think about these new developments? Let us know your thoughts and let’s discuss how these investments can transform the country.