Pasay City – As the country venture on the eighth month of community quarantines, the Philippine Economic Zone Authority (PEZA) has reported continued good performance in its mandate of generating investments, exports, and jobs despite the COVID-19 pandemic.
PEZA reports that it generated Php 72.645 Billion of investments for the period of January to October 2020. Meanwhile, US$ 40.796 Billion of exports have been made for the duration of January to September 2020. The number of workers in PEZA zones has also reached 1,532,889 as of September 2020.
Of the same periods last year, PEZA had generated Php 99.322 Billion of investments, US$ 40.541 Billion of exports, and produced 1,570,535 jobs.
Nevertheless, PEZA is showing a silver lining amidst the crisis, maintaining the continued operations of its registered business enterprises and keeping the economy afloat.
“Truly unstoppable by COVID-19 pandemic, PEZA stood strong in marketing Philippines as an investment haven in Asia. PEZA continues to maintain and attract trust and confidence of investors and business groups whether in terms of new or expansion projects in ecozones,” said PEZA Director General Charito “Ching” Plaza said on Tuesday.
The PEZA Chief underlined, “Instead of being downtrodden this pandemic, the more it emphasized the need to thin global and act local, be proactive in the global supply chain, and participate in the huge supply and demand for exports. We must continue to do our best to attract investors and help our economy bounce back.”
Further, Plaza explained that amidst the COVID-19 pandemic, the competition by ASEAN neighbors for new and transferring investments from China is also tough. Yet, Philippines remains a global attraction through PEZA’s internationally renowned one stop-shop, tried and tested tax incentives, and ease of doing business.
Moreover, Philippines has quality human resource and natural resources, despite the underdeveloped efficiency factors the country have in terms of infrastructure, logistics facilities, and supply chain.
Board approvals
On November 04, the PEZA Board has approved a total of 34 projects, which are projected to generate a total of Php 14.646 Billion and are expected to make 3,893 jobs.
A total 33 projects had been approved by the Board during its October 02, 2020 meeting. These projects are projected to generate a total to Php 4.154 Billion and create 5,654 jobs.
Among the 67 investment projects, 21 are of export enterprises, 15 are of IT enterprises, seven (7) facilities enterprises, four (4) are of logistics enterprises, and two (2) utilities enterprises. There were also 11 projects for developers/operators of economic zones and IT Centers approved.
Meanwhile, in terms of location, 54 are to be located in Luzon, 12 are to be located in Visayas, and only one (1) in Mindanao.
“PEZA will continue to perform its mandate and contribute to the Philippine economy. Let us be one in making a competitive and positive business environment which will enticing investors in the country,” Plaza noted.
Further, the Director General encouraged other government agencies to unite together, act as one to heal as one. “We must do our best to fully industrialize the country and attain our goal of making the Philippines an investment haven in Asia,” she said. #