PEZA approves PHP9.24B investments to create 4,265 jobs in Aug

The Philippine Economic Zone Authority (PEZA) reported a significant increase in job creation despite a substantial decrease in investment pledges from January to July 2024.

In August, PEZA approved PHP9.24 billion worth of investments that are expected to generate USD264.78 million in exports and create 4,265 new jobs, bringing the year-to-date total to PHP54.72 billion with 144 projects approved.

Despite fewer projects and lower investment values compared to the same period last year, PEZA generated 29,524 new jobs, marking a 60.4% increase from January-July 2023.

PEZA Director General Tereso Panga highlighted the agency's role in fostering a favorable environment for investment and job creation, emphasizing its contribution to national development and confidence in the Philippines' business environment.

The approved investments include 14 export manufacturing projects, four IT-BPM projects, two facilities development projects, one domestic market project, and three ecozone development projects.