Investments in ecozones decline 25% in 9 months

MANILA, Philippines — Investments approved by the Philippine Economic Zone Authority (PEZA) dropped 25 percent in the January to September period from a year ago amid the pandemic.

During the Global Biz forum yesterday, PEZA director general Charito Plaza said investments approved by the agency reached P51.202 billion in the nine months to September. In the same period last year, PEZA approved P68.49 billion worth of investments.

Plaza attributed the decline to the ongoing pandemic.

“Impact of the pandemic is really felt this year so we saw a decline,” she said.

While approved investments in the nine-month period declined compared to last year, she said the upside is that the ecozones retained existing investors.

She also said exports from ecozones went up 17.3 percent to $40.67 billion during the period from $34.64 billion a year ago.

To attract investments, she said PEZA continues to be aggressive in the conduct of marketing and promotion activities.

She said PEZA conducts a monthly forum for particular countries to present investment opportunities.

She said the agency has also partnered with foreign embassies for the conduct of investment promotion activities.

As foreign firms interested to set up operations in the Philippines are often looking for local partners, she said PEZA is working with business group Philippine Chamber of Commerce and Industry (PCCI) to address this.

“This is exactly where PCCI members can fit in as potential partners,” she said.