The Philippine Economic Zone Authority (PEZA) expects a 50 percent decline in investments this year from 2019 due to the economic slowdown globally.
Charito Plaza, in a television interview over the weekend, said PEZA would only be able to hit half of the P117-billion registered last year or just below P60 billion.
That appears to be achievable considering that as of July 10, PEZA has approved P35.6 billion in investments.
Plaza remains confident it would be able to attract new investments despite the new coronavirus disease pandemic.
She said PEZA is focused on ensuring existing investors do not leave the Philippines to move to other countries.
“No one has transferred… PEZA was able to keep investors,” she said, adding that the agency has approved various assistance packages to retain these projects.
PZA has increased to 90 percent the allowable number of workers to work from home. It also allowed companies to rent in non-PEZA spaces or pop-up centers as sites.
Both moves were ideal for information technology and business process outsourcing companies which needed flexibility in their operations.
Plaza said PEZA also allowed tax deduction of COVID expenses by companies on shuttle services, dorms, testing and disinfection and personal protective equipment until December 31.
“We are creating an impression that investing in the Philippines will assure investors of assistance, “ Plaza said.
Investments in PEZA had been in a downward trend since 2018 when they reached P140 billion from P237 billion in 2017 and to P117 billion last year.
To date, 84 percent or 2,551 companies in ecozones are operational and 72 percent or 1.13 million of their employees are back to work.
