PHP1.6-T Investments, 592K Jobs Generated In PEZA During Aquino Admin

The Philippine Economic Zone Authority (PEZA) has approved a total of PHP1.59 trillion worth of investments and created over 592,000 jobs during the five and a half years of the Aquino administration.

During the PEZA Investors Night on Thursday, PEZA Director General Lilia de Lima said 50.5 percent of the total investments in PEZA from 1995 to 2015 came under the term of President Benigno S. Aquino III.

Total investments in PEZA for 21 years amounted to PHP3.157 trillion.

De Lima added that 50.4 percent of the incremental employment in the investment promotion agency were also created during the current administration.

Direct employment in PEZA economic zones increased from 91,860 to more than 1.2 million.

“If we add indirect jobs created at a conservative multiplier of five for every job generated, some 6.5 million direct and indirect jobs have been created, benefiting close to 30 million Filipinos,” the PEZA chief noted.

In terms of exports, total exports in PEZA zones reached USD606.97 billion at end-2015. About 38.4 percent or over USD233 billion were also generated in the past five and a half years.

“Mr. President, Sir, when you took over the presidency, all indicators pointed to a bright future, with your assurances then that you will make the country attractive to investors by implementing stable economic policies and making government an enabler, not a hindrance to business,” de Lima addressed President Aquino who graced the event as the keynote speaker.

“Your promise of ‘daang matuwid’ or straight path convinced investors that indeed the Philippines is the preferred investment site,” she added.

Furthermore, the number of companies in PEZA surged to 3,712 as of January 2016 from only 331 firms in 1995.

PEZA economic zones nationwide likewise jumped to a total of 340 from 16 ecozones in 1995.

These economic zones include manufacturing or export processing zones, information technology parks and centers, tourism, medical tourism, and agro-industrial zones.

“All of these new economic zones were developed and operated by the private sector at no cost, not a single centavo to the government,” de Lima said.

She also stressed that PEZA also contributed to the nation’s coffer, paying the 30-percent corporate income tax and value added tax.

“Ironically, this means that while PEZA can give tax incentives, it gets no tax incentives at all. Nonetheless, after 21 years, PEZA has remitted a total of PHP16.62 billion representing taxes, 50 percent annual dividends to the national government and payments of previous loans incurred by predecessor agnecy,” de Lima said.(PNA) JMC/KMC/EDS