6 IT-BPM projects among $3.16Bn Philippine ecozone investments in 2024: PEZA
PASAY CITY, PHILIPPINES — The Philippine Economic Zone Authority (PEZA) announced that six new projects in the information technology and business process management (IT-BPM) sector were approved in November 2024, contributing to the agency’s record-breaking PHP186.098 billion (US$3.16 billion) in total investments for the year.
This figure represents a 32% increase from the PHP140.884 billion (US$2.39 billion) recorded during the same period in 2023.
The IT-BPM sector remains a cornerstone of the Philippine economy, leveraging the country’s skilled workforce, cost efficiency, and strong English proficiency to attract global outsourcing clients. These new projects are expected to create thousands of high-value jobs and reinforce the Philippines’ position as a global leader in IT-enabled services.
PEZA’s broader investment portfolio
The six IT-BPM projects are part of PEZA’s wider 2024 investment portfolio, which includes 222 newly approved and expansion projects across industries such as manufacturing, logistics, utilities, and ecozone development. Collectively, these initiatives are projected to generate $300 million in exports and create over 20,000 jobs nationwide.
PEZA Director General Tereso Panga emphasized the significance of these developments, stating, “Surpassing the previous year’s investment acquisition performance is a clear sign of the confidence of both international and local investors in our current economy and policies as charted by President Ferdinand R. Marcos Jr.”
Diverse investments drive regional growth
The approved projects, including those in the IT-BPM sector, are strategically distributed across key economic zones in regions such as CALABARZON, Central Luzon, and Northern Mindanao. This geographic diversification ensures balanced regional development while creating a wide range of employment opportunities beyond Metro Manila.
Among them is a landmark investment by Elmer Francisco Motor Corporation, which will inject over PHP50 billion (US$848 million) into Camarines Norte for electric vehicle (EV) manufacturing and assembly. This initiative supports the government’s push for sustainable transportation and positions the Philippines within the global EV supply chain.
Other significant projects include a liquid fuel depot in Cebu and vehicle parts manufacturing in Batangas, with combined investments exceeding PHP3 billion (US$50 million). Additionally, a Filipino-led ecozone development project worth over PHP4 billion (US$67 million) in Tarlac aims to enhance regional infrastructure and attract more businesses to the area.
CREATE MORE Act enhances investment climate
PEZA attributes its strong performance partly to the CREATE MORE Act, which enhances tax incentives for investors and strengthens the Philippines’ competitiveness as an investment destination.
“The CREATE MORE Act empowers PEZA…helping build a globally competitive and inclusive Philippines,” Panga stated.
As PEZA continues to foster foreign and domestic investments, it remains committed to driving economic growth through innovation, job creation, and sustainable development across the nation.
