COVID-19 cannot stop PEZA: Board okays 50 new projects to bring in PhP 22.5 Billion investments

15 July 2020 (Wednesday)

Taguig City – Committed to its balancing acts to address the impact of the COVID-19 to the Philippine economy and health situations in the country, the Philippine Economic Zone Authority (PEZA) Board has approved on July 10 a total of new 50 projects, which will bring about PhP 22.5 Billion investments and generate 8,917 employment.

According to PEZA Director General Charito “Ching” Plaza, “The approval of new projects and investments is the agency’s positive action to continuously support the Philippine economy in our endeavor to maintain our competitiveness for investments despite the impact of COVID-19.”

A total of 33 new projects have been approved by the Board for ecozone enterprises. The projects are newly approved investment activities in existing or operating locator companies. These will now generate a total of PhP 13.8 Billion investments and create 7,116 employment.

Moreover, 17 new projects have likewise been approved for ecozone development. The new projects are comprised of 10 new ecozone proposals and seven ecozone facilities enterprise projects. Of these projects, a total of PhP 8.7 Billion of investments will be brought in and 1,801 workers are expected to be employed.

“COVID-19 cannot stop PEZA in performing its mandate to register, manage, and operate public and private economic zones in the country. PEZA continues to attract investors to come and invest to the Philippines despite the crisis,” noted Plaza.

As of May 2020, PEZA has created a total of PhP29.54 Billion investments and approved a total of 113 projects. The agency also directly employed a total of 1.6 million workers and generated $4.362 Billion exports as of January 2020.