Investment pledges approved by the Philippine Economic Zone Authority (PEZA) grew by 42 percent to over ₱170 billion from January to October, compared to the same period last year, driven by investor confidence in the country’s ecozone program.

In a statement, the PEZA said it approved ₱175.37 billion in investments over the 10-month period, outpacing last year’s approvals worth ₱123.76 billion.

The pledges, which later translate into actual investments, cover the planned development of 243 pioneer and expansion projects in ecozones across the country.

These projects span the sectors of manufacturing, information technology and business process management (IT-BPM), domestic, facilities, ecozone development, logistics, and utilities.

Combined, these projects are expected to generate $6.08 billion in export sales and create nearly 60,000 jobs.

PEZA Director General Tereso Panga said these pledges come at a critical time for the Philippines, as economic and geopolitical issues are making investors more cautious.

“Within this context, based on PEZA’s performance, this reflects the continuing confidence of our locators and partners in the ecozone program and the country’s long-term investment potential,” said Panga.

Investors register their planned investments with PEZA to benefit from its streamlined procedures, free from the usual bureaucratic red tape.

Through ecozones, registered investments can enjoy fiscal and non-fiscal incentives, free flow of raw inputs, and open trade with companies within and outside the ecozone, among others.

Panga earlier said this system has largely cushioned ecozones from the cautious investment outlook in the country due to the corruption scandal hounding the public works sector.

“Our focus remains on strengthening our ecozone program and ensuring a stable, transparent, and competitive business environment that supports sustainable growth,” he said.

The PEZA said Japan is the top source of investment pledges this year, followed by investors from the Cayman Islands, South Korea, China, Singapore, and the United States (US).

On the domestic front, the PEZA reported that it has lodged ₱84.31 billion in investments from local firms seeking to bolster their production.

In October alone, the agency recorded a 163 percent surge in investments to ₱20.66 billion, up from ₱7.87 billion in the same month last year.

These investments cover 28 new and expansion projects that are expected to generate $1.59 billion in exports and create 9,507 new jobs.

The PEZA approved three big-ticket projects in the month, all of which will be located in the Calabarzon region.

With two months left in the year, the PEZA has already achieved 70 percent of its conservative target of ₱250 billion in investments this year.

“With strong pipelines of projects still under review, we are confident and optimistic of meeting and hopefully even exceeding our 2025 investment goal of 250 billion,” said Panga.

The PEZA earlier set an ambitious target of ₱300 billion.