The approved investments at the Philippine Economic Zone Authority (PEZA) from January to July this year generated more jobs in ecozones than during the same period in 2023.
The PEZA reported Friday that despite the lower number of projects and investment value approved by its Board of Directors in the first seven months of the year, job creation surged by 29,524 this year from 18,407 jobs a year ago.
From January to July 2024, investment pledges in PEZA plunged by 77.6 percent or PHP54.72 billion from PHP97.16 billion in 2023.
Projects that were registered also decreased to 114 from 117 in the same comparable period.
The 114 new and expansion projects in PEZA are expected to contributenadditional USD1.88 billion in exports.
“Our proactive efforts in establishing the country’s place as the go-to investment hub in the region plays a vital role in the ceaseless cycle of employment generation for our fellow Filipinos, paving the way for a better and brighter future not only for their families, but also for the nation’s success,” PEZA Director General Tereso Panga said in a news release.
Panga said the investments, export revenues and jobs generation in ecozones contributed to the country’s economic growth, which rose 6.3 percent during the second quarter of the year.
For July alone, the PEZA Board approved PHP9.24 billion worth of investments from 24 new and expansion projects.
These investments will generate additional 4,265 jobs and export revenues of USD264.78 million.
Fourteen of the approved projects were in manufacturing, four in information technology and business process management, three ecozone development, two facilities development, and one domestic market enterprise.
Eighteen of the projects are located in the Calabarzon Region, four in Cebu and two in Bataan.
“With continuous strategic planning and unshakeable government backing, it is certain that PEZA is right on track in achieving its long-term objectives. The country’s inevitable adherence to economic growth and development is a clear manifestation of the agency’s invaluable service to the nation,” Panga said. (PNA)
