The Philippine Economic Zone Authority (PEZA) is ending 2024 on a high note, achieving a record-breaking PHP186.098 billion ($3.1 billion) in approved investments as of November 13, 2024. This surpasses the PHP175.71 billion ($3 billion) investments approved in 2023.
PEZA Director General Tereso Panga highlighted the significance of this achievement. “The PEZA Board’s approval of the PHP62.341 billion investments during our first Board meeting this month brings us closer to our goal of driving further growth and innovation in the country with the continued entrance of both local and foreign investments into the ecozone ecosystem,” he said.
The approved investments are projected to generate over $3 billion in exports and create 60,000 direct jobs, marking a 32% increase compared to the PHP140.884 billion ($2.4 billion) investment approvals recorded during the same period in 2023.
For November alone, the Board greenlighted 24 new and expansion projects worth PHP62.341 billion ($1 billion). These projects span various industries, including 12 export-oriented businesses, six IT services, two domestic market enterprises, and developments in facilities, logistics, utilities, and ecozone infrastructure. Collectively, they are expected to generate $300 million in exports and create 20,000 new jobs.
One major project approved was the Elmer Francisco Motor Corporation’s investment of over PHP50 billion ($857 million) for manufacturing and assembling electric vehicles and components in Camarines Norte. “This project supports the government’s initiatives to increase the utilization of EVs in the domestic market and integrate the Philippines into the global chain of electric vehicles,” according to PEZA.
Other big-ticket approvals included a PHP4 billion ($68 million) ecozone development project in Concepcion, Tarlac, led by a fully Filipino-owned company, and a liquid fuel depot in Cebu, which together is expected to boost regional economies.
CREATE MORE Act: A catalyst for growth
PEZA also emphasized the role of the newly passed CREATE MORE Act in bolstering investment competitiveness. As Director General Panga stated, “The CREATE MORE Act empowers PEZA and its mandate to support FDI-driven exports, job creation, and sustainable economic growth, helping build a globally competitive and inclusive Philippines.”
In an exclusive quote given to CoinGeek, Undersecretary of the Department of Information and Communications Technology (DICT), David Almirol underscored the Act’s relevance to Web3 startups.
“The CREATE MORE Act helps Web3 startups by reducing taxes and offering incentives, allowing more resources for growth and innovation. It attracts investments and supports partnerships, strengthening the Web3 ecosystem and aligning with our goal for a digitally-driven Philippines,” he said.
The law is expected to enhance incentives for investors and include domestic market enterprises and SMEs in the ecozone value chain. Secretary Frederick Go, Special Assistant to the President for Investment and Economic Affairs, said, “Passing [this law] is so critical to us signaling to the world that we are listening and that we are responding to the issues and difficulties that they have raised and brought to our attention.”
Panga reaffirmed PEZA’s commitment to fostering a business-friendly environment. “We shall continue to join hands in employing a whole-of-government and industry approach to continue unlocking the country’s potential as the smart investment destination in the region,” he said.
With PHP200 billion ($3.4 billion) as its year-end target, PEZA remains optimistic about sustaining its momentum and attracting further investments to achieve its vision of an inclusive and progressive economy for the Philippines.
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