ROSARIO, Cavite – The Philippine Economic Zone Authority (PEZA) has reported a record-breaking achievement with the approval of PHP 201.551 billion investments in November, exceeding its target investment approval of PHP 200 billion for 2024.
“As expected, investment approvals would pick up in the last quarter of the year. So far, we have already achieved PhP201 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,” expressed PEZA Director General Tereso O. Panga following the conclusion of the board meeting last 29 November 2024 at the Cavite Economic Zone (CEZ).
The PhP201.55 B investment approvals are a 43.06% increase from the PhP140.88 Billion approved in November 2023, and 14.7% higher than the 2023 whole year investments of PhP175.71 Billion. This demonstrates a strong performance and significant growth compared to the same period in 2023.
As a result of the agency’s strong fundamentals and strategic foreign initiatives, PEZA approved 239 new and expansion projects from January to November 2024. These projects are expected to generate over US$3.9 billion in export revenues and provide direct jobs to more than 70,000 Filipinos.
Year-on-year performance reflects substantial growth, with 21.31% rise in new and expansion projects, 14.07% boost in exports. Most notably, employment opportunities have surged by an impressive 110.83%. These exceptional results highlight the Agency’s instrumental role in propelling economic growth, generating employment, and attracting investments that are crucial to fortifying and expanding the nation’s economic landscape.
Board Approvals for November 2024
During the second board meeting in November, the PEZA Board approved 17 new and expansion projects, expected to bring in a total of PhP15.453 billion in investments, generate US$467.516 million in exports, and create 9,957 direct jobs.
With this, the total for November 2024 approved new and expansion projects reaches 41, with a combined investment of PhP77.794 billion. These projects are expected to drive US$831.019 million in exports and create 30,623 direct jobs.
Among the 17 projects are various types of industries, including ten (10) in export manufacturing, four (4) in the IT-BPM sector, two (2) in facilities development, and one (1) in ecozone development. Located outside Metro Manila, they are distributed across the regions of CALABARZON, Region 3, and Central Visayas: four (4) in Batangas, four (4) in Laguna, four (4) in Cebu, two (2) in Cavite, and one (1) each in Rizal, Pampanga, and Negros Oriental. This distribution highlights the regional spur of the projects, contributing to economic growth across various provinces.
PEZA has been on a positive upward trajectory ever since the assumption into office by the President. The recent S & P ratings provide an added boost to its Investor Acquisition initiatives across the globe. Interest in investing in the Philippines is now coming from other none-traditional areas like the Middle east and Africa. According to DG Panga: “This coupled with the recent CREATE MORE approval into law, as championed by Secretary Go, gives PEZA more leverage in promoting the Philippines as the best investment hub in Southeast Asia. We are bridging the East with the West and I foresee the positive performance trajectory being sustained further in the coming year.”
Facilitated by PEZA Board Vice Chair and Director General Tereso O. Panga, the board meeting was attended in person by PEZA Board Members, including DTI-BOI Governor Marjorie O. Ramos Samaniego, NEDA Director Richard Emerson D. Ballester, and DILG Director Danilo Nobleza. The meeting was also joined virtually by Board members, including DOST Undersecretary Sancho A. Mabborang, DPWH Undersecretary Ma. Catalina Cabral, DOF Undersecretary Charlito Martin R. Mendoza, and DOLE Director Adeline De Castro.
P.IMES Corporation Company Visit
The PEZA Board also conducted a site visit to P.IMES Corporation Site 1 to explore its expansive manufacturing operations in Cavite.
P.IMES Corp. is a manufacturing solutions provider and a renowned key player in the production of high-tech components, catering to a wide range of industries, including electronics, automotive, medical, and semiconductors.
During the tour, DG Panga and his team had the opportunity to observe the state-of-the-art technologies and advanced manufacturing processes that enable P.IMES to deliver high-quality products to global markets.
Through its collaboration with academic institutions such as the University of the Philippines, Cavite State University, the Technological Institute of the Philippines, and De La Salle University – Manila, P.IMES successfully developed innovative projects focused on medical equipment, aiming to reduce import dependence and promote locally manufactured “Tatak Pinoy” products and equipment.
Key projects produced from the Academic-Industry cooperation include the TAYO Project (robotic rehabilitation device), My BESHIE (telepresence terminal functions as a nursing robot), RxBox (telemedicine device that captures medical data and stores electronic records), and SiglaVent (ambulatory household ventilator and resuscitator), all aimed at improving healthcare delivery and equipping local government units (LGUs) for swift medical response. These initiatives highlight P.IMES’s dedication to driving advancements in healthcare technology while promoting local innovation and manufacturing excellence.
With the strategic synergy among academia, government, and industry, P.IMES Corp. Executive Vice President for ATS Aniano “Jun” Matabuena stated, “These products are set to be sold and distributed soon, funded by the DOST, promoted by DTI and PEZA, and hopefully patronized by the DOH.”
As PEZA focuses on advancing the country’s pharmaceutical sector, its visit to the company provided valuable insights into the organization’s commitment to innovation, precision, and sustainability. This aligns with PEZA’s mandate to strengthen its pivotal role in driving economic growth and advancing the medical field through technological innovation, both in the Philippines and globally.
Following the recent passage of the CREATE More Act, DTI and PEZA are confident in attracting more foreign direct investments (FDIs) 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. For January-November 2024, the PEZA Board has approved 6 projects of Filipino MSMEs that will bring in PhP 238.121 Million in investments, and 356 new job opportunities. This is in addition to the countless MSMEs engaged in manufacturing, services, transportation, food and beverage, and other industries that benefit from or are integral to the value chain of PEZA locators.
For her part PEZA Chair and Trade Secretary Roque said: “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.”
