PEZA investments may breach P100 billion

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Credit: Read the original article from PhilStar Business.

PEZA investments may breach P100 billion

Louella Desiderio (The Philippine Star) – November 24, 2020 – 12:00am

MANILA, Philippines — Investments approved by the Philippine Economic Zone Authority (PEZA) may exceed P100 billion this year with expected investments from both new and existing investors.

“We might exceed more than P100 billion this year with all the positive responses of our present investors, future investors as well as incoming investors,” PEZA director general Charito Plaza said in an online press conference yesterday.

Plaza said an Israeli firm, which is planning to relocate its operations from China to the Philippines, met with her last week to facilitate its application with the PEZA.

“We will first have a memorandum of understanding and then we are helping them in finding the appropriate ecozone to locate their 16 branches of companies coming from China,” she said.

Apart from the Israeli firm, Plaza said there are also existing locators which expressed interest to continue their expansion plans.

She said PEZA continues to conduct virtual fora and dialogue with firms all over the world as part of efforts to attract more investments to the country.

PEZA is also connecting with prospective investors through its partnerships with the different industry associations and foreign chambers.

Plaza said the PEZA also sought the help of ambassadors in investment promotion efforts by asking for a list of industries in their respective countries.

Peza was initially aiming for a five to 10 percent growth in approved investments this year, but the agency abandoned the goal due to the pandemic.

As of end-October, investments approved by the PEZA reached P72.65 billion, down 27 percent from the P99.32 billion in the same period last year.

PEZA-approved investments amounted to P14.65 billion as of Nov. 4.

Last year, total investments approved by the PEZA reached P117.54 billion.

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