PEZA approves 50 projects worth P22.5 billion

MANILA, Philippines — The Philippine Economic Zone Authority (PEZA) has approved the registration of 50 projects which would bring in P22.5 billion worth of investments to the country.

In a statement yesterday, PEZA said the projects approved during a recent board meeting are expected to create a total of 8,917 jobs.

Of the total projects approved, 33 with investments amounting to P13.8 billion would be implemented by existing locator companies.

The remaining 17 projects, with investments worth P8.7 billion, are for ecozone development.

“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.

Even as the pandemic persists, she said PEZA is actively encouraging investors to expand in the country.

“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,” she said.

Investments approved by the agency amounted to P29.54 billion as of end-May, 32 percent lower than the P43.22 billion in the same period last year.

As attracting investments has become challenging given the health crisis, Plaza said PEZA is implementing relief measures for existing locators in order to prevent them from leaving the country.

Among the relief measures is allowing PEZA-registered firms enjoying the five percent tax on gross income earned to include as deductible expenses the costs incurred to be able to maintain operations during the quarantine period.

“We really see to it we can keep our existing investors because with this COVID pandemic, with the world recession, it is hard to find new investors. We must create an impression that investing in the Philippines will cost them less, (and) investing in the Philippines will respect and protect their investments because the laws and policies are stable,” she said.