THE Philippine Economic Zone Authority (Peza) is closing the year 2020 on a good note as it posted growth and approved new and expansion projects despite the Covid-19 crisis.
For the year 2020, the Peza board approved 318 applications for new and expansion projects which are projected to generate employment of about 70,000.
“These applications prove that many investors are still looking to invest in the Philippines,” the Investment and Promotion Agency (IPA) said in a statement.
Meanwhile, the Philippine Statistics Authority (PSA) recently reported that, “Only Peza (among other IPAs) registered year-on-year growth in foreign investment commitments during the July to September period with P20.3 billion, up 97 percent from P10.3 billion last year.”
“While implementing Covid-19 protocols and guidelines, we continue to serve our mandate and turn challenges into opportunities for the Filipino people and Philippine export industry,” Peza Director General Charito Plaza said.
“Amid the new normal, we will continue to do so in the years to come,” she added.
Peza generated P88.34 billion in investments with 300 projects registered from January to November 2020. It also generated US$45.085 billion in exports and created 1,541,259 jobs from January to October.
This compares with last year when Peza recorded P109.19 billion in investments and $45.34 billion in exports, with 496 projects registered and 1,572,510 jobs generated for the same period.
“While Peza, like other IPAs, may have experienced a decline in investment applications this 2020 which can be attributed to the global pandemic and the localized lockdowns, and also the uncertainties brought by the pending Create legislation, it remained on top of its mandate and thinks out of the box in doing great balancing acts,” Plaza said.
In addition, Peza-registered companies are close to getting back to 100 percent operations by the end of 2020.
For the period of Dec. 7 to 12, about 2,645 companies or 88 percent are currently operating with 1,107,826 or 75 percent of the work force working under various work schemes.
By sector, the information-business process outsourcing companies are operating at 84 percent while the manufacturing industry is operating at 91 percent. (JOB with PR)