The Philippine Economic Zone Authority (PEZA) is on the brink of reaching its ₱250-billion target in investment pledges for the year after surpassing last year’s figures, based on the investment promotion agency’s (IPA) latest approvals.

In a statement, PEZA said it approved ₱237.1 billion worth of investments as of Dec. 12, a 10.7-percent increase from last year’s full-year record of ₱214.18 billion.

These investment pledges, which are expected to materialize into actual developments within the country’s economic zones, comprise a total of 307 new and expansion projects.

The projects are projected to generate as much as $10.22 billion in exports, more than double last year’s anticipated output of $4.69 billion.

They are also expected to create 74,678 direct jobs, slightly higher than the 72,413 jobs recorded a year ago.

Nearly half, or 146, of the approved projects went to the manufacturing sector.

Other sectors that secured investment pledges include information technology and business process management (IT-BPM) with 67 projects, followed by the facilities and domestic sectors with 25 projects each.

By location, 263 projects, or 86 percent of the total, will be built in Luzon, while 33 will be in Visayas and 11 in Mindanao.

PEZA said domestic investors were the leading source of investment pledges this year.

In terms of foreign investment, the leading source during the period was Japan, followed by Cayman Islands, South Korea, Singapore, and China.

Foreign and local investors register their projects with PEZA to qualify for fiscal and non-fiscal incentives, streamlined business processes, and other benefits.

For December alone, investments approved by PEZA surged to ₱32.21 billion, compared with ₱12.63 billion in the same month last year.

Investments approved as of Dec. 12 cover 26 new and expansion projects, which are expected to generate $2.83 billion in export revenues and create 5,183 new jobs.

PEZA Director General Tereso Panga said the increase in investments for the month—and for the year as a whole—reflects investors’ continued confidence in the country’s economic zone system.

“Surpassing our 2024 investment milestone ahead of year-end strongly reflects growing confidence in the Philippines as a stable, competitive, and future-ready investment destination,” he said.

Panga said the IPA is scheduled to hold its final board approval meeting on Dec. 22, with a pipeline of big-ticket projects expected to receive the green light.

This, he said, will allow PEZA to achieve—or even surpass—its ₱250-billion goal, which is the agency’s conservative target for the year.

The IPA had earlier set a more ambitious target of ₱300 billion.

Panga said the upward trajectory of investment approvals this year further reinforces the country’s position as a reliable regional hub for manufacturing, services, and sustainable investments.

“As our country prepares to take on a more prominent leadership role in the region, PEZA will remain committed to ensuring that these investments translate into jobs, exports, and long-term economic value for Filipinos,” he said.