PHILIPPINE Economic Zone Authority (PEZA) investment approvals surged to P48.027 billion as of end-May, the agency reported on Monday, 153.7 percent higher year on year.

About a third of the amount, or P14.93 billion, was greenlit in May alone, and the PEZA claimed that it was on track to meeting a “conservative” 10-percent growth target for 2023.

The projects approved in May involve 20 new and expansion projects that are expected to generate 4,480 jobs and $293.55 million in exports.

Eleven involve export manufacturing, seven involve information technology, and the remaining two comprise ecozone and facilities ventures, the PEZA said.

Should the investments push through, the projects will be located in Makati, Pasig, Taguig, Baguio, Pampanga, Cavite, Batangas, Laguna, Cebu, Iloilo and South Cotabato.

The biggest project pre-qualified by the PEZA board for Fiscal Incentives Review Board approval was identified as a P11.63-billion solar wafer cell venture in Santo Tomas, Batangas using Maxeon Solar Technologies Ltd. technology.

“We are continuously seeing an uptrend with our investment approvals as we enter the first half of the year, and we are more aggressive in our initiatives to help our investors make the Philippines their smart investment choice,” PEZA Director General Tereso Panga said in a statement.

The agency said it was continuing to engage with the other government agencies and industry associations to address issues hindering investments.

Meetings have been held with Budget Secretary Benjamin Diokno,

Socioeconomic Planning Secretary Arsenion Balisacan and Commission on Elections Chairman George Garcia “to discuss the concerns of our investors and present our initiatives

in support of the investment attraction and facilitation strategy of the government…” the PEZA said.

Panga said the agency had also signed a memorandum of understanding with the Department of Information and Communications Technology to “ramp up digitalization in government to ensure fast and efficient delivery of services to the public and to carry out Trade Secretary Alfredo Pascual’s directive to adopt digital transformation to boost the country’s competitiveness as an investment destination, particularly for high-tech and innovator accelerator companies.”

The government’s investment and export-led growth strategy, the PEZA said, has led to almost all registered business enterprises being focused on servicing overseas markets.

“Out of the total 3,431 registered business enterprises (excluding multi-sites), 98 percent are exportoriented; only 2 percent are domestic-oriented (into manufacturing),” the agency said. “In terms of sales ratio, 94 percent are export sales while 6 percent are local sales.”

PEZA locators, it added, account for 82 percent of the country’s total annual commodity exports and 60 percent of services exports.