The Philippine Economic Zone Authority (PEZA) Board has approved 50 new projects expected to bring in P22.5 billion in investments and employ 8,917 people.
Of the total, 33 projects are under existing or operating locator companies that will generate P13.8 billion worth of investments and create 7,116 jobs.
The categories of the 50 projects approved are as follow: sixteen for export, fifteen for IT enterprises, seven for facilities enterprise, and two for logistics.
The investors for the 50 newly approved projects are Filipinos (44.15%) and others (55.85%) such as Japanese, American, Australian and Chinese.
Majority or 40 of the approved projects will be located in Luzon; 6 will be located in Visayas and 4 in Mindanao.
“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 in a statement.
“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 May 2020, PEZA has welcomed a total of P29.54 billion in investments and approved a total of 113 projects. The agency also directly employed a total of 1.6 million workers and generated $4.362 billion exports as of January 2020.
