Philippine Standard Time - Tuesday, May 17, 2022,

PEZA Board approves 26 new investments in PH worth P13.1 Billion amid COVID crisis

PEZA Board approves 26 new investments in PH worth P13.1 Billion amid COVID crisis
May 29, 2020
PEZA Board approves 26 new investments in PH worth P13.1 Billion amid COVID crisis

29 May 2020 (Friday)

Taguig City – Showing a silver lining amidst the COVID-19 pandemic, the Philippine Economic Zone Authority (PEZA) Board has approved a total of 26 projects in the month of April and May 2020 last Thursday, May 21. It was the first and only Board meeting conducted since the implementation of the enhanced community quarantine (ECQ) in Luzon.

The said 26 new projects in various PEZA-registered ecozones nationwide will bring about investments that total to P13.1 Billion and that is projected to employ 19,894 Filipino workers.

Among the 26 newly approved investors, 31.50% are Filipino while 68.50% are of other descent such as American, Japanese, Taiwanese, and Chinese among others.

“Being the top investment promotion agency in the country that contributes to export income, employment and investment for the Filipino nation, PEZA is glad to share positive news amidst the pandemic. The approval of new investments or projects is the agency’s positive action to support the Philippine economy in our endeavor to maintain our competitiveness for investments despite the impact of COVID,” said PEZA Director General Charito “Ching” Plaza.

Plaza noted that, “Since PEZA’s creation in 1995, the ecozone locators of PEZA has invested a total of P3.894 Trillion in the country and has generated a total of $815.105 Billion of exports. Likewise, PEZA contributes to 64% of the Philippines’ exports of commodities and goods and 80% export services.”

“PEZA continues to enjoy the trust and confidence of its investors for its ease of doing business, efficiency and effectiveness, which is being recognized by both local and international institutions such as the IFC World Bank,” added the PEZA Chief.

To date, PEZA now has a total of 408 economic zones nationwide with 4,542 locator companies employing 1.6 million workers.

Amid the crisis, Plaza shared that “PEZA continues to implement balancing acts in addressing both the health and quarantine requirements and the continuous operations of some of its 4,542 companies nationwide.”

Based on the survey conducted for the period of May 1-25, 2020, there are around 1,701 PEZA-registered companies or 64.58% nationwide that are operating either in full operations, skeletal, or work-from-home arrangements. Meanwhile, there are 933 companies or 35.42% nationwide have suspended their operations.

“Indeed, the Philippines continue to maintain and attract trust and confidence of investors and business groups whether in terms of new or expansion projects. We must continue to do our best to attract investors. This can be done by enhancing PEZA’s internationally renowned one-stop-shop, tried and tested tax incentives, ease of doing business, quality human resource and natural resources, despite the underdeveloped factors the country have in terms of infrastructure, logistics facilities, and supply chain” explained the PEZA Chief.