Despite the global health and economic crisis, investment approvals in the Philippine Economic Zone Authority (PEZA) in the first quarter of the year have recovered.
PEZA okayed P25.38 billion worth of investments from January to March this year, higher by 53.9 percent from P16.5 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.
The Philippines remains an investment haven for exporting companies despite the pandemic, PEZA director general Charito Plaza said.
“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 said export revenues of its locators also recovered in the first quarter of the year.