MANILA – The Philippine Economic Zone Authority (PEZA) has approved some PHP15.74 billion worth of projects in November, bringing the total investment approvals to PHP88.34 billion in the first 11 months of the year.
PEZA reported Thursday that the investments came from 318 applications for new and expansion projects in the investment promotion agency from January to November 2020.
“While PEZA, like other investment promotion agencies (IPAs), may have experienced a decline in investment applications this 2020 which can be attributed the global pandemic and the localized lockdowns, and also the uncertainties brought by the pending CREATE legislation, PEZA (Corporate Recovery and Tax Incentives for Enterprises) remained on top of its mandate and think out of the box and doing great balancing acts,” PEZA director general Charito Plaza said in a statement.
As of October 2020, companies in PEZA zones generated USD45.09 billion in export revenues and created over 1.54 million jobs.
Earlier, Plaza said PEZA targets to close the year with at least PHP100 billion investment approvals.
“We continue to be positive about opportunities for the Philippines to attract trust and confidence of investors and business groups whether in terms of new or expansion projects. We at PEZA continue to do our best to attract investors and help our economy bounce back,” she added.
The PEZA chief said while the government continues to reopen economic activities, the full operation of registered firms are nearing
to get back to their full operation. (PNA)
