Peza investment pledges up 8.52% to ₧32B in 1st half

THE Philippine Economic Zone Authority (Peza) has approved 119 projects amounting to P32.057 billion in the first half, most of which were proposed by Asian neighbors.

The latest figure showed an 8.52-percent improvement from P29.541 billion worth of approved investments from 113 inquiries for the same period last year.

“Peza remains true to its mandate of promoting investments, creating employment, generating exports, and attaining total economic development in our country as we maintain and implement strict Covid-19 protocols and guidelines in our ecozones,” Peza Director General Charito B. Plaza said in a statement on Tuesday.

Majority of the investments were from Japan, South Korea, India, Hong Kong and China. Other approved projects came from Germany, Austria, France, Canada, and the United States of America.

For June alone, Peza approved 62 new projects. These include 22 for information technology projects, 20 for export manufacturing enterprises, 13 for facilities and seven economic zone development projects.

“These projects are essential especially as we continue to go back to our vibrant and booming economy,” Plaza said.

Company locators, meanwhile, saw their exports grow by 23.35 percent year-on-year to $24.781 billion in the first five months. This, as employment reached 1.6 million.

Earlier, Plaza told the Businessmirror that Peza is keen on meeting its target export revenues of $100 billion this year despite the shipment delays posing risks to the supply chain.

The regulator of economic zones said it has been addressing its company locators’ worries over the constraints in the delivery of raw materials and other goods, which usually resulted in longer lead times. Plaza said the investment promotion agency has been working with the Bureau of Customs, Philippine Ports Authority and other agencies handling transportation of shipments to resolve the matter.

The Peza chief said they continue to promote the creation of special economic zones, particularly in the countryside, to spur employment and development.

“As we all move forward towards herd immunity and reopening our economy, Peza is positive that we can fulfill the last few months of 2021 with flying colors,” she said. “The Covid-19 pandemic cannot stop us from performing at our best and ensuring that we continuously attract more investments, generate exports, and produce jobs for millions of Filipinos even post-pandemic.”