MANILA – Investment approvals in the Philippine Economic Zone Authority (PEZA) in the first quarter of the year have recovered despite the ongoing global health and economic crisis, the investment promotion agency (IPA) said in a statement Wednesday.
The PEZA approved PHP25.38 billion worth of investments from January to March this year, higher by 53.9 percent from PHP16.5 billion investment approvals in the same period in 2020.
These investments came from 57 projects that registered with PEZA in the first three months of 2021, in which 43 projects will be located in Luzon, 10 in Visayas, and four in Mindanao.
PEZA director general Charito Plaza said the Philippines remains an investment haven for exporting companies despite the pandemic.
“With the approval of new projects and increase in the investments and exports in the first quarter of 2021, this proves that PEZA is unfaltering in keeping the Philippine economy afloat and being on top of its game in performing its mandate, mobilizing the country’s investment competitiveness, and creating employment opportunities for many Filipinos,” Plaza added.
PEZA reported that export revenues of its locators also recovered in the first quarter of the year.
Export revenues in PEZA increased by 15.6 percent to USD14.93 billion in the first quarter of 2021 from USD12.91 billion in the same period last year.
Over 50,000 jobs were added in PEZA zones from last year, with employment reaching 1.58 million as of end-March 2021. (PNA)
