The Philippine Economic Zone Authority (Peza) reported a substantial rebound in investment approvals for April, reaching P63.9 billion. This figure represents a staggering increase of over 1,200% compared to the P4.76 billion approved in April of the previous year.
The surge was driven by 26 new projects, primarily in the manufacturing sector, which accounted for 12 of these initiatives. These projects are projected to generate $1.7 billion in export revenues and create 7,621 direct jobs.
Notably, P60.02 billion of the total came from five major projects, including two in electronics and semiconductor manufacturing, a new ecozone in Tarlac, and expansions in tourism development across Baguio, Clark, and Cebu.
As we move into the second quarter, we remain optimistic that we will sustain our positive growth trajectory and provide a conducive environment for both new and expanding enterprises to thrive.
Tereso Panga, Peza Director General
Despite a slow start to the year, with a 22.77% decline in investment approvals in Q1, Peza's year-to-date total now stands at P109.43 billion, up 72.27% from P63.52 billion during the same period last year.
Peza's recovery comes amidst ongoing global economic challenges, including geopolitical tensions that previously impacted investment sentiment.