THE Philippine Economic Zone Authority (Peza) reported a total of P72.64 billion of investments for the period of January to October 2020, lower than last year’s P99.32 billion.
However, the investment agency maintained a positive outlook, saying that it is showing a silver lining amid the coronavirus crisis. Peza-registered business enterprises have continued their operations, keeping the economy afloat amid the crisis.
“Instead of being downtrodden in this pandemic, the more it emphasized the need to think 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,” Peza Chief Charito Plaza said in a statement.
In addition, US$40.796 billion of exports have been made from January to September 2020. The number of workers in Peza zones has also reached 1,532,889 as of September 2020.
In the same period last year, Peza economic zones had generated $40.541 billion of exports and produced 1,570,535 jobs.
Plaza said that amid the Covid-19 pandemic, the competition with Southeast Asian neighbors for new and transferring investments from China was also tough.
Peza said the Philippines remains a global attraction through its internationally renowned one-stop shop, tried and tested tax incentives, and ease of doing business.
Moreover, the country has quality human resources and natural resources, despite the underdeveloped efficiency factors the country has in terms of infrastructure, logistics facilities and supply chain.
On Nov. 4, 2020, the Peza Board approved a total of 34 projects, which are projected to generate a total of P14.64 billion in investments and are expected to make 3,893 jobs.
A total of 33 projects had been approved by the Board during its Oct. 2, 2020 meeting. These projects are projected to generate a total of P4.15 billion in investments and create 5,654 jobs.
Among the 67 investment projects, 21 are export enterprises, 15 are information technology (IT) enterprises, seven are facilities enterprises, four are logistics enterprises, and two are utilities enterprises.
There were also 11 projects for developers and operators of economic zones and IT centers approved.
Meanwhile, in terms of location, 54 are to be located in Luzon, 12 are in Visayas and only one in Mindanao. / JOB with PR