PEZA investment approvals rise 54% in Q1

Investment approvals by the Philippine Economic Zone Authority (PEZA) rose by 53.87% to P25.382 billion in the first quarter of 2021, based on 57 newly approved projects.

This recovery follows a decline of nearly 30% in Q1 2020 due to the initial strict lockdowns during the pandemic.

The investments could generate around 5,601 jobs and are distributed across Luzon (43 projects), Visayas (10 projects), and Mindanao (4 projects).

PEZA director general Charito Plaza highlighted that despite the ongoing global health crisis, the Philippines remains an attractive destination for exporting companies.

Export revenues in PEZA also recovered by 15.6% to USD14.93 billion in Q1 2021 from USD12.91 billion in the same period last year.