Approved investments by the Philippine Economic Zone Authority (PEZA) for 2020 reached P95.03 billion worth of projects, a 19 per cent decline from 2019’s P117.5 billion.
In a statement, PEZA said 326 projects were registered with the agency last year, a 40 per cent reduction from the 540 projects in 2019. However, investments from foreign sources rose 21 per cent to P59.73 billion from 2019’s P49.26 billion.
Investments for the Information Technology-Business Process Outsourcing (BPO) sector, also declined last year to P17.41 billion, slightly lower than the P17.58 billion in 2019.
“As we continue to cope with the new normal, we remain committed and steadfast to attract investments, generate exports, and create employment for our country and the Filipino people.
“We hope that we will be able to attract more foreign direct investments in the country, keep the PEZA brand of service renowned worldwide, and help the Philippine economy bounce back and even become a self-reliant, self-sustaining and resource-generating investment haven in Asia,” said PEZA Director-General Charito Plaza.