Investment approvals by the Philippine Economic Zone Authority (PEZA) in January were halved from last year, as investors take a more measured approach in injecting capital.

In a statement, PEZA said it approved ₱12.86 billion worth of investments in January, down 57 percent from ₱30.16 billion in the same month last year.

These investment pledges, which are expected to materialize into actual developments, cover 18 pioneer and expansion projects, up from last year’s 12.

The approved projects are projected to generate $59.74 million in export revenues and create 1,005 direct jobs.

A bulk of the investments for the month, totaling ₱11.88 billion, hinged on the approval of three big-ticket projects

PEZA said it registered a major tourism ecozone enterprise in Parañaque City valued at ₱5 billion, which is expected to support the country’s efforts to strengthen high-value urban tourism and hospitality.

The investment promotion agency also certified two ecozone development projects in Misamis Occidental and Batangas, with a combined investment of ₱5.9 billion.

Despite approving three major projects this month, the value of big-ticket projects is 59 percent lower than ₱29.01 billion in January last year, when only two major projects were approved.

PEZA Director General Tereso Panga attributed the decline to investors “taking a more deliberate approach” this year amid headwinds in the global investment climate.

“[Investors] are taking a more thoughtful approach to timing and scale while continuing to prioritize efficiency, export capability, and long-term positioning,” said Panga.

“What is encouraging is that the Philippines continues to offer stable fundamentals that allow export-oriented investments to move forward with confidence,” he stressed.

By registering projects with PEZA, investors enjoy fiscal and non-fiscal incentives, streamlined business processes, among other benefits.

Through these benefits, Panga said investors will remain engaged with PEZA and the broader local market as investment strategies continue to evolve.

“What we are seeing today is a steady recalibration—one that keeps the Philippines firmly in investors’ long-term plans,” he said.

To this end, Trade Secretary Cristina Roque said the approved projects in January already signal confidence in the country since they are scattered nationwide.

Based on PEZA data, 14 projects will be located in Luzon, while two each will be in the Visayas and Mindanao.

“These approvals reflect the continued confidence of investors in the Philippines’ long-term growth story and our ability to deliver a stable, predictable, and competitive investment environment,” said Roque, who chairs the PEZA board.

Despite a weaker performance in January, Panga said the agency is confident it will reach the 2026 target of ₱300 billion and 100,000 new jobs.

“We are realistic about the environment, but we are equally confident in our direction,” said Panga.

“With a robust pipeline and consistent investor engagement, PEZA is well-positioned to work toward achieving our target for this year,” he added.

In January, Japan is the leading foreign investor with ₱269.94 million, followed by the Netherlands (₱218.31 million), Hong Kong (₱177.03 million), Singapore (₱110.39 million), and China (₱48.52 million).