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Manila Bulletin devider Business devider PEZA investment pledges decline 31.65% as of May

PEZA investment pledges decline 31.65% as of May

Published Jun 16, 2020 12:00 am
By BERNIE CAHILES-MAGKILAT New investment pledges approved by the Philippine Economic Zone Authority (PEZA) in the January-May period this year slumped by 31.65 percent to P29.541 billion from P43.223 billion in the same period last year amid the imposition of lockdowns due to COVID-19 pandemic. PEZA Director General Charito Plaza reported in an online press briefing there were only 113 projects that were approved in the first five months of the year as against 196 projects approved last year. The enhanced community quarantine as a result of the COVID-19 was imposed from March 16 up to May 30 this year. For the month of May alone, PEZA approved 26 new projects including 10 manufacturing firms, 9 IT, 2 facility providers, 4 economic zone developers with combined investments of P13.1 billion. PEZA also approved 12 newly-proclaimed ecozones comprising of 9 IT centers, 2 manufacturing ecozones, 1 IT park, with total project cost of P6.4 billion. Notably, foreign equity contribution to the new projects went up by 26.78 percent to P22.421 billion from P17.685 billion last year while Filipino equity investments dropped significantly by 72.12 percent to only P7.119 billion from P25.538 billion last year. Once operational, these committed and approved projects are expected to generate 41,068 jobs or 33.37 percent higher than the 30,770 jobs for projects approved in the same period last year. Of the 196 projects, there were only 39 IT companies approved posting a 33.9 percent decline from 59 last year. The 39 IT projects have higher committed investments though of P10.68 billion or 116.89 percent higher than P4.924 billion in the same period last year. These projects are also expected to generate 17,332 jobs or 4.26 percent higher than the committed approved IT projects last year with employment potential of 16,624 jobs. To date, Plaza said that 75 percent or 2,401 of their registered enterprises are operating while 72 percent or 1,126,560 workers are back to work. There are 816 firms that are non-operating affecting 445,052 workers. Overall, Plaza reported they now have total employment of 1,565,588 or 6.06 percent higher than the 1,476,091 jobs in the same five months last year.
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