Daily News

Investments approved by the Philippine Economic Zone Authority (PEZA) for the first seven months declined by almost 30% as companies turned more cautious amid a coronavirus crisis. Approved investments covering 164 projects from January to July fell 27% to P52 billion compared to the same period last year.  PEZA, the second-biggest contributor to investment pledges after the Board of Investments (BoI), said foreign direct investments slid by 26% to P36.26 billion, while local investments plunged by 63% to P15.75 billion. The investment promotion agency also posted a 7% drop in exports to $24.81 billion (P1.2 trillion) in the first half. Employment fell by 3% to 1.47 million jobs.