Investments at the country’s economic zones dropped 25 percent in the first nine months to P51.2 billion from P68.27 billion in the same period in 2020.
Philippine Economic Zone Authority director-general Charito Plaza said the impact of pandemic to investments became more evident this year.
“Last year when the pandemic started, we have approved many projects already and those projects that were pending prior to the COVID outbreak were processed and approved consequently,” she said.
Plaza announced the latest data at the Global Biz forum organized by the Philippine Chamber of Commerce and Industry.
Economic zone exports reached $40.67 billion in the first three quarters while employment continued to be strong with 1.6 million workers.
Plaza said business process outsourcing were operating at optimal capacity of 94 percent, which supported the economic recovery.
“We’ve seen a decline, but this does not mean that there’s no hope. In fact we’re still relieved that there are no export companies that moved out or closed shop due to difficulties during the pandemic,” she said.
She said that as business systems at the ecozones were deducted from gross income earned, companies were able to balance operations.
“While there were lockdowns on domestic enterprises, our exports continue because our operations are global. The vaccination helped a lot to keep companies operating,” she said.
Economic zones maintained 95-percent to 98-percent operability which produced many jobs and keep businesses afloat, Plaza said.