Investment commitments approved by the Philippine Economic Zone Authority (PEZA) in the first half of this year dropped by 44%, falling to P45.48 billion from P80.59 billion during the same period last year.

In a statement, PEZA reported that the approved investments for the first half involve 120 projects, which are expected to generate 25,259 jobs and $1.61 billion in exports.

The approved projects span multiple sectors, including manufacturing, information technology and business process management (IT-BPM), ecozone development, facilities development, and logistics, The Philippine Star reports.

In terms of location, most of the approved projects, totalling 100, are in Luzon, while 14 are in Visayas and six in Mindanao. 

In June alone, the PEZA Board approved investments amounting to P8.654 billion for 25 projects, which is a 73% decline from the P32.56 billion approved in the same month last year.

The approved projects in June are anticipated to create 5,881 direct jobs and generate $416 million in exports.

By sector, three projects focus on ecozone development, 11 involve export manufacturing, six are in IT-BPM, three target domestic markets, and one each is in facilities development and logistics services.

CALABARZON (Cavite-Laguna-Batangas-Rizal-Quezon) continues to be the favoured location for the approved projects in June, with 15 situated in the region.

Three of the approved projects are in the National Capital Region, another three in Central Luzon, one in Naga, two in Cebu, and one in General Santos.

“The approval of these projects signals robust confidence in the Philippines’ business environment and economic potential. Furthermore, creating more jobs for Filipinos signifies the agency’s proactive efforts in positioning the Philippines as a premier investment destination in Asia, aligned with DTI’s (Department of Trade and Industry) agenda of promoting employment opportunities through investment growth,” said PEZA director general, Tereso Panga.

With the President's upcoming State of the Nation Address, PEZA noted that the business community is optimistic about the swift enactment of the Corporate Recovery and Tax Incentives for Enterprises to Maximise Opportunities for Reinvigorating the Economy bill.

Deemed a priority legislative measure by the government, the bill aims to attract more investments in key sectors outlined in the Strategic Investment Priority Plan.