Investment pledges approved by the Philippine Economic Zone Authority (PEZA) surged by 74 percent in the first eight months of the year, keeping the agency on track to hit its target of ₱300 billion worth of investments.

The investment promotion agency said it cleared ₱216.46 billion in investments from January to August, more than double the ₱105.83 billion approved in the same period last year.

The investment pledges, which are expected to translate into actual developments, cover 196 new and expansion projects across eight high-value sectors.

These projects are expected to generate $6.6 billion in export revenues and create 26,994 jobs, according to PEZA.

PEZA said the total approved investments by the end of August mean that it has now secured 72.16 percent of its ₱300-billion investment target for the year.

Last year, PEZA also set a target of ₱300 billion, but it fell short after approving only ₱260.89 billion in investment pledges.

The agency last reached the ₱300-billion mark in 2012, when it approved ₱311.91 billion worth of investments.

“Reaching more than 72 percent of PEZA’s annual target in only eight months shows that investor confidence in the Philippines is translating into real commitments,” said Trade Secretary Cristina Roque.

Roque, who chairs the PEZA board, said it is now the agency’s responsibility to move these projects forward quickly, ensuring their benefits reach more workers and communities.

By sector, manufacturing continued to lead the agency’s investment portfolio, accounting for 80 projects or 41 percent of the approved projects.

This was followed by ecozone development with 31 projects, information technology and business process management (IT-BPM) with 30 projects, and facilities with 19 projects.

PEZA said a total of 34 projects approved this year are classified as big-ticket investments worth a combined ₱193.71 billion.

The Netherlands was the top source of foreign investments in the first eight months, followed by South Korea, Singapore, and Taiwan.

In August alone, PEZA registered 22 projects worth ₱64.57 billion, an increase of 334 percent from ₱14.87 billion in investments in the same month last year.

Among the approvals were nine big-ticket projects worth a combined ₱62.05 billion, covering the sectors of ecozone development, facilities, and manufacturing.

With four months to go before reaching its investment target, PEZA Director General Tereso Panga said the agency will continue to pursue investments through global trade missions and targeted partnerships.

He said the aim is to pursue more investments in green industries, advanced technologies, and other high-value sectors.

“Surpassing 72 percent of our annual investment target in just eight months further highlights the Philippines’ growing strength as an investment destination,” said Panga.

“We will use this momentum to push further, attract more high-value investments, expand our export capacity, and create more quality jobs for Filipinos,” he added.