On Wednesday, July 15, the Philippine Economic Zone Authority (PEZA) said its Board has approved a total of 50 new projects with investments reaching PHP22.5 billion last July 10.
Of the 50 projects, 33 are expansion projects of its locators which registered a total of PHP13.8-billion investments.
17 newly-registered projects amounting in PHP8.7 billion worth of investments were economic zone development.
40 of the total new projects will be located in Luzon, 6 in Visayas, and 4 in Mindanao.
About 44% of the total investments are from Philippine companies with the remaining 56% from foreign investors which include Australia, China, Japan, Singapore, and the United States.
“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,” PEZA Director General Charito Plaza said.
With countless Filipinos losing their jobs as a result of the pandemic, these latest investment approvals in PEZA comes at a much needed time as it will create 8,917 new jobs.
“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,” Plaza added.
As of January of this year, a total of 1.56 million jobs were created in PEZA and exports revenue reached USD4.4 billion.