Balamban, Cebu – The Philippine Economic Zone Authority (PEZA) announced the approval of PHP 6.978 billion in investments from 21 new and expansion projects during a board meeting held on August 27 at the West Cebu Estate.
According to the Philippines News Agency, these projects span various sectors, including six in manufacturing, six in information technology enterprises, four in ecozone development, and one each in agro-industrial, facilities enterprise, ecozone utilities, ecozone domestic enterprise, and ecozone logistics service enterprise. PEZA projects that these investments will increase Philippine exports by USD 96.6 million annually and create approximately 2,300 direct jobs in regions including Pampanga, Tarlac, General Santos City, Batangas, Cavite, Davao, Laguna, Cebu, and Metro Manila.
PEZA Director General Tereso Panga highlighted the significant job creation these investments have facilitated, stating, “From January to August 2024, the total impact of investments and expansions on job generation amounted to 31,827, which is 72.91 percent higher compared to the 18,407 jobs created in the same period last year.” Panga also expressed optimism about future investments, citing ongoing participation in international business forums such as the China International Fair for Investment and Trade, the Philippine-Singapore Business Investment Summit, and other strategic outbound missions planned for the year.
With these latest approvals, PEZA’s total sanctioned projects for the first eight months of 2024 have reached PHP 61.695 billion, underscoring a robust period of growth and investment for the Philippines.