Tuesday, 6 July 2010

Peza investments rise 59% to P61.3b

by Julito G. Rada
Manila Standard

Investments in the country’s economic zones grew 59 percent to P61.296 billion in the first six months of the year from P38.612 billion a year ago, reflecting economic recovery.

Peza director-general Lilia de Lima said in a report to Trade Secretary Gregory Domingo that P44.981 billion went into the expansion of existing projects while P16.315 billion were contributed by new companies in economic zones and IT parks.

Investments in expansion projects reached P24.521 billion on year while new ones reached P14.090 billion.

De Lima said the number of projects in the first half reached 246, with annual exports projected at $2.840 billion, up 92 percent from $1.482 billion on year.

Employment is projected to increase 5 percent to 44,127 from 41,977 on year.

Promotions and public relations manager Elmer San Pascual said Peza was sticking to its 15-percent growth investment target this year, 10 percent for exports and 10 percent for employment.

“We are sticking to it because there were goals [investments] which are yet to be realized. We are waiting for big investments which may possibly come in the second half of the year,” he said.

He said Peza was not likely to revise the P201-billion target set at the start of the year. “Surpassing P201 billion is very stiff and quite tough for us,” he said.

He expressed optimism that a number of investment pledges from investors in Japan and Taiwan would be realized in the second half of the year. “If those investments come in the second half, there is a possibility that the target of P201 billion would be realized,” he said.

De Lima earlier said meeting the investment target of P201 billion this year was possible following a good performance in 2009 when the agency surpassed its 10-percent growth target.

De Lima said investments in the electronics sector would help fuel the growth, noting last year’s performance.

San Pascual said a Taiwanese investor and a big Japanese company engaged in the manufacture of medical products were finalizing their investment sites in the Philippines.

He also said the medical tourism project of boxer Manny Pacquiao still needed a local government endorsement and an environment certificate before it is cleared by Malacañang.

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