Home Economy PEZA sees vaccination progress boosting investment this year

PEZA sees vaccination progress boosting investment this year

THE PHILIPPINE Economic Zone Authority (PEZA) expects progress in the vaccination drive to further open up the economy, with the Philippines poised to attract more investment this year. 

PEZA Director General Charito B. Plaza said in a statement: “With the countrywide vaccine and booster inoculation, (we are) confident that PEZA can secure more investment pledges and more registered ecozones for 2022 and beyond. PEZA has indeed come a long way but there is still more to be done and more to achieve.”   

She did not provide a specific estimate for investment growth. 

PEZA said up to the end of 2021, its economic zones have attracted P4.036 trillion worth of investment since its creation in 1995. The agency was established following the passage of Republic Act No. 7916, or the Special Economic Zone Act.   

It said exports since PEZA’s founding have amounted to $933.835 billion, with jobs created in registered economic zones totaling 1,782,913.  

PEZA has announced 2021 export totals of of $63.061 billion, up 14%. Employment at PEZA-registered ecozones was over 1.7 million jobs in 2021 compared to 1.5 million a year earlier.   

Currently, PEZA said there are 4,665 locator companies across 415 SEZs across the country.   

PEZA said new types of special economic zone are becoming available to suit the needs of entrepreneurs, industrialists, and technology companies, as well as those engaged in agriculture and fisheries, defense, and halal products. – Revin Mikhael D. Ochave