Investment pledges approved by the Philippine Economic Zone Authority (PEZA) declined to P29.5 billion in the first five months of 2020 due to the COVID-19 pandemic. According to PEZA director general Charito Plaza, the amount was a 31 per cent decrease from P43.2 billion in the same period last year.
While investment pledges for the manufacturing, real estate, transport, storage and communication sectors dropped significantly, pledges for information technology services surged 116 per cent to P10.6 billion from P4.9 billion last year.
“We just have to do our best to keep our investors. We are encouraging them to expand. What we have, we have to keep [and] enhance [them], and support them, so they will not go out,” Plaza said.