Economic zone locators recorded a rebound in exports in the first quarter of the year, jumping 15.63 percent to $15 billion from $13 billion in the same period in 2020, a report of the Philippine Economic Zone Authority (PEZA) showed.
PEZA companies’ exports growth was faster than the 7.6 percent recorded by total merchandise exports for the period.
The PEZA report showed at the end of March, employment in ecozones stood at 1.58 million, a net increase of 45,062 from a year ago.
In phases of community quarantines that started in March 2020, essential business sectors were allowed to operate to keep the economy afloat. These included the information technology-business process outsourcing (IT-BPO) and export manufacturing companies that serve global markets which helped cushion the adverse impact of the pandemic to the economy.
Trade Secretary Ramon Lopez in a statement on Friday in reaction to the merchandise exports data said Philippines’ shipments recover as more countries reopen.
Exports of electronics, mostly manufactured in ecozones, rose 25 percent to $3.6 billion in March from $2.88 billion in the same month in 2020, pushing first quarter exports to $9.83 billion, up 8.3 percent from $9 billion in the same period in 2020.
“Factories across the US, Europe, and Asia are ramping up production,” said Lopez, citing the Philippines’ role in the global value chains.
“I hope this trend continues so our exporters can hire more people,” Lopez said.
During modified enhanced community quarantine of April 12 to 16, PEZA said ecozones have reported that 90 percent or 2,701 companies were operating nationwide with 1.19 million employees in various work schemes. Per sector, the IT-BPO industry was 84 percent operational while the manufacturing sector is 94 percent operational. – Irma Isip
