Investment approvals by the Philippine Economic Zone Authority (PEZA) soared by 294 percent in the first quarter from the same period a year ago, amid the government’s continued investment promotion efforts and enhanced incentives system.
In a statement, the PEZA said it approved P58.95 billion worth of investments from January to March, significantly higher than the P14.95 billion approved in the same period last year.
For March alone, investments approved by the PEZA surged by 110 percent to P6.01 billion from P2.86 billion in the same month last year.
These projects cover various industries: 12 information technology-business process management projects, 10 export manufacturing projects, two utilities projects, two ecozone development ventures and one domestic enterprise.
The projects will be located across Metro Manila, as well as Regions III, IV, VII and X. The investment approvals in March are for 27 new and expansion projects expected to provide direct employment to 4,500 Filipino workers and generate $223.5 million in exports.
The approved investments in the first quarter cover 66 new and expansion projects, which increased by 32 percent from the 50 projects approved in the same period last year.
The investment approvals from January to March are expected to create 15,815 direct jobs and generate $497.46 million worth of exports.