Connect with us

Hi, what are you looking for?


PEZA investments drop 19% as pandemic drags on

Investments approved by the Philippine Economic Zone Authority (PEZA) dropped by nearly a fifth in 2020. — REUTERS/CHERYL RAVELO

INVESTMENTS approved by the Philippine Economic Zone Authority (PEZA) dropped by nearly a fifth in 2020 after stringent lockdown restrictions dented domestic investor confidence.

The investment promotion agency registered P95.03 billion in pledges, falling 19.15% from the P117.54 recorded in 2019. The 2019 figure represented a 16.19% drop from the previous year, which in turn fell 41%.

Last year’s total fell short of PEZA’s target to approve at least P100 billion in investment pledges, which was already downscaled from the 5-10% growth target set before the coronavirus disease 2019 (COVID-19) pandemic hit.

PEZA last year saw delays in investment approvals as the board failed to meet during the strict lockdown which began in mid-March. Even so, PEZA approvals slid 5.85% in the first two months of 2020.

PEZA Director-General Charito B. Plaza had said that pending tax reform proposals at the time and the impact of the pandemic on export manufacturers and outsourcing firms caused challenges in attracting investments.

Foreign investments last year jumped 21.26% to P59.73 billion, but local investments plummeted 48% to P35.3 billion, PEZA said in a statement on Thursday.

“The decline can be attributed to various causes including the perilous effect of the COVID-19-imposed lockdowns beginning March 2020,” the agency said.

Overall, PEZA approved 326 projects last year, 217 of which came from the manufacturing sector. The sector generated P34.44 billion in investments, or 13.43% higher than the previous year.

The 109 projects under the outsourcing sector brought in P17.41 billion in investments, down just 0.93% from 2019.

Most of the foreign investments came from the United States, European countries like the United Kingdom and Belgium, and Asian countries like China, South Korea, Singapore, and Saudi Arabia.

The bulk of the investments will be poured into Calabarzon (Cavite, Laguna, Batangas, Rizal, Quezon), followed by the National Capital Region, Central Visayas, and Central Luzon.

Meanwhile, the Board of Investments (BoI), which accounts for a bulk of planned projects registered with investment promotion agencies, reached a total of P1.02 trillion in investments, a 10% drop from the agency record P1.14 trillion in 2019.

BoI-approved investments doubled in the first half of 2020 despite the lockdown, mostly led by a San Miguel Corp. subsidiary’s P740-billion airport project in Bulacan. Domestic investments at the time jumped by 166% due to the airport project, but foreign investments plummeted by 73%.

“We hope in 2021, 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,” Ms. Plaza said. — Jenina P. Ibañez

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!



JAKARTA — Armed with the world’s largest reserves of nickel and a ban on the export of nickel ore, Indonesia is making itself indispensable...


LONDON — Britain faces its largest ever strike by health workers on Monday as tens of thousands of nurses and ambulance workers walk out...


SINGAPORE — Polluting single-use plastic production rose by 6 million tons per year from 2019 to 2021 despite tougher worldwide regulations, with producers making...


BAMAKO — The Malian interim government on Sunday said the head of the United Nations (UN) peacekeeping mission’s human rights division had 48 hours...


LVIV — Ukraine has sent letters to companies that back the International Olympic Committee (IOC) urging them to keep Russian athletes out of the...


SYDNEY — Australian Prime Minister Anthony Albanese will push for bipartisan support on a referendum that aims to set up an Indigenous consultative committee...

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.