Connect with us

Hi, what are you looking for?


PEZA approves new projects worth P14.6 billion

By Jenina P. Ibañez, Reporter

The Philippine Economic Zone Authority (PEZA) approved P14.6 billion worth of new investment projects on its Nov. 4 board meeting.

The 34 projects are expected to create 3,893 jobs, PEZA said in a press release on Friday.

Combined with the 33 projects approved by the board in October, projects for the past two months include 21 export enterprises. The board also approved projects of 15 information technology (IT) firms, seven facilities, four logistics companies, and two utilities firms.

PEZA approved 11 projects from economic zones and IT center developers.

PEZA investments fell by more than a quarter to P72.6 billion in the 10 months through October, with the number of projects dropping by 45% to 248. Employment fell by 2.4% to 1.53 million jobs in the first nine months.

The bulk of the projects are in Luzon, with 54 set to be located in the region. Meanwhile, 12 will be in Visayas and one will be in Mindanao.

PEZA Director General Charito B. Plaza said the competition from Southeast Asian neighbors in attracting investors transferring from China remains “tough,” noting the country’s underdeveloped infrastructure and logistics.

But she also said that PEZA attracts investments though its one-stop shop.

The United States Department of State 2020 investment climate assessment said that PEZA is known for its regulatory transparency and no-red tape policy.

The report however said that foreign direct investments (FDI) in the country still remains relatively low compared with Association of Southeast Asian Nations (ASEAN) member-countries’ figures, after ranking fifth out of the ten economies for total FDI in 2019.

“We must do our best to fully industrialize the country and attain our goal of making the Philippines an investment haven in Asia,” Ms. Plaza said.

As of Oct. 10, 87% or 2,629 companies in PEZA economic zones have been operating as the lockdown continues, Ms. Plaza said in an online event last week.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



By Keisha B. Ta-asan, Reporter PHILIPPINE BANKS will continue to see improved profits this year, supported by better margins following the central bank’s rate...


THE PHILIPPINE government’s move to grant value-added tax (VAT) refunds for foreign tourists is expected to boost the tourism industry’s recovery from the coronavirus...


By Luisa Maria Jacinta C. Jocson, Reporter THE GOVERNMENT should diversify its major growth drivers to rely less on consumption as household spending is...


By Arjay L. Balinbin, Senior Reporter SMEC Philippines, Inc., a unit of Singaporean infrastructure and urban development consultancy company Surbana Jurong Group, said it...


THE Securities and Exchange Commission (SEC) warned the public against putting money in three entities, which are soliciting investments without first securing a license....


DMCI Holdings, Inc. and Union Bank of the Philippines are seen to improve their liquidity and stock valuation after their re-entry to the Philippine...

You May Also Like


Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...


The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.