The Philippine Economic Zone Authority (Peza) said it had approved P22.5 billion worth of investment commitments earlier this month, which it said could provide thousands of jobs once fully operational.
The Peza Board approved on July 10 a total of 50 new projects, which were expected to create 8,917 jobs, the investment promotion agency said in a statement on Wednesday.
“The approval of new projects and investments is the agency’s positive action to continuously support the Philippine economy in our endeavor to maintain our competitiveness for investments despite the impact of COVID-19,” said Peza Director General Charito Plaza.
“COVID-19 cannot stop Peza in performing its mandate to register, manage and operate public and private economic zones in the country. Peza continues to attract investors to come to and invest in the Philippines despite the crisis,” she said.
From January to May, Peza registered only P29.54 billion in investment pledges, nearly 32 percent lower than the pledges registered in the same period last year.
Plaza earlier said the Peza Board was not able to meet in June because the building it shared with the Department of Energy in the Bonifacio Global City had to be temporarily closed because some Department of Energy staff tested positive for coronavirus.
Peza has provided companies some relief from the impact of the virus, allowing them to deduct from their taxable income COVID-19-related expenses and implement work-from-home arrangements.