The Philippine Economic Zone Authority (PEZA) has secured PHP216.46 billion in approved investments as of August, reaching 72.16 percent of its PHP300 billion target for the year, the agency said Tuesday.
Data released by PEZA showed approved investments as of the Board’s Aug. 20 meeting more than doubled from PHP105.83 billion during the same period last year, marking a 104.53 percent increase.
The approved investments cover 196 projects, up from 179 a year earlier. These are projected to generate USD6.604 billion in exports and 26,994 direct jobs nationwide.
Manufacturing accounted for the largest share with 80 projects, followed by ecozone development with 31; information technology-business process management (IT-BPM), 30; facilities, 19; logistics and domestic market, 15 each; tourism, four; and utilities, two.
Most projects are Filipino-, Dutch-, South Korean-, Singaporean-, and Taiwanese-owned.
PEZA said 34 of the approved projects are big-ticket investments worth a combined PHP193.713 billion.
The PEZA Board also approved 22 new and expansion projects worth nearly PHP64.57 billion during its Aug. 20 meeting.
“Reaching more than 72 percent of PEZA’s annual target in only eight months shows that investor confidence in the Philippines is translating into real commitments. Our job now is to move these projects forward quickly and ensure their benefits reach more Filipino workers and communities,” Trade and Industry Secretary Ma. Cristina Roque said. (PNA)