The Philippine Economic Zone Authority (PEZA) has approved
Projects worth P15.74 billion in November were recently approved by the Philippine Economic Zone Authority (PEZA).
This brought total investment approvals to P88.34 billion in the first 11 months of the year, PEZA said.
PEZA said investments came from 318 applications for new and expansion projects in the investment promotion agency from January to November 2020.
“While PEZA, like other investment promotion agencies (IPAs), may have experienced a decline in investment applications this 2020 which can be attributed the global pandemic and the localized lockdowns, and also the uncertainties brought by the pending CREATE legislation, PEZA (Corporate Recovery and Tax Incentives for Enterprises) remained on top of its mandate and think out of the box and doing great balancing acts,” PEZA director general Charito Plaza said.
As of October 2020, companies in PEZA zones generated $45.09 billion in export revenues and created over 1.54 million jobs.
Earlier, Plaza said PEZA targets to close the year with at least P100 billion investment approvals.