Makati City, Philippines—The Department of Trade and Industry (DTI) through its attached agency, the Philippine Economic Zone Authority (PEZA), has achieved a record-breaking PHP201.551 billion in investment approvals for November. This has surpassed the agency’s annual investment target of PHP200 billion, which indicates that investor confidence is at an all-time high.

“We laud the performance of all our stakeholders for this remarkable achievement. This accomplishment shows that solid economic fundamentals of the ‘Bagong Pilipinas’ agenda championed by the President, which are effectively driving the growth of foreign direct investments in the country. This will bode well for job creation within and outside the ecozones,” DTI Secretary and PEZA Chair Cristina Roque said.

The November 2024 figure represents a 43.06% increase from the PHP140.88 billion approved in November 2023 and a 14.7% rise from the 2023 whole year investments of PHP175.71 billion. This demonstrates a strong performance and significant growth compared to the same period in 2023.

From January to November 2024, the PEZA approved 239 new and expansion projects, generating over USD3.9 billion in potential export revenues and providing direct jobs to more than 70,000 Filipinos. This reflects a substantial year-on-year growth, with a 21.31% increase in new and expansion projects, a 14.07% boost in exports, and a 110.83% surge in employment opportunities.

In November 2024 alone, approved new and expansion projects reaches 41, with a combined investment of PHP 77.794 billion. These projects are expected to drive USD831.019 million in exports and create 30,623 direct jobs.

Among the 17 projects are various types of industries, including ten in export manufacturing, four in the IT-BPM sector, two in facilities development, and one in ecozone development.

They are distributed across the regions of CALABARZON, Region 3, and Central Visayas: four in Batangas, four in Laguna, four in Cebu, two in Cavite, and one each in Rizal, Pampanga, and Negros Oriental. This highlights the spur of regional economic growth in the country.

In addition to attracting major investments, PEZA remains committed to supporting micro, small, and medium enterprises (MSMEs).  The agency has approved six Filipino MSME projects from January to November 2024, seen to bring PHP 238.121 million in investments and creating 356 new jobs.

With this, PEZA also acknowledges the vital role of the countless MSMEs that support the ecozone value chain. These enterprises make significant contribution to industries like manufacturing, services, transportation, food and beverage, among others.

PEZA Director General Panga has seen the growth in approvals following the conclusion of their board meeting last 29 November 2024 at the Cavite Economic Zone.

“As expected, investment approvals would pick up in the last quarter of the year. So far, we have already achieved PHP 201 billion, with one more board meeting left in December. This only proves that investor confidence in the Philippines and in PEZA continues to thrive due to the government’s investor-friendly policy direction partnered with the ease of doing business inside our zones,” PEZA DG Panga said.

Following the recent passage of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, the DTI and PEZA are confident in attracting more foreign direct investments through a series of investment missions and joint effort engagements.

These initiatives aim to advance pivotal industries, including the pharmaceutical sector, while strengthening partnerships with academic institutions and integrating MSMEs into the ecozone value chain.

As the agency focuses on advancing the country’s various sectors, its visits to partner companies provided valuable insights into the organization’s commitment to innovation, precision, and sustainability. This aligns with President Marcos’ Bagong Pilipinas campaign to drive inclusive economic growth and advance industries such as the medical field through technological innovation. ♦

Date of Release: 02 December 2024

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