MANILA, Philippines – Investments for projects registered with the Philippine Economic Zone Authority (PEZA) rose 5.27 percent as of end-November from a year ago as manufacturing firms spent for expansion and information technology (IT) firms set up operations.
PEZA promotions and public relations group manager Elmer San Pascual said in a text message yesterday investments approved by the PEZA amounted to P222.041 billion in the January to November period, up from the P210.932 billion in the same period in 2013.
“Sources of investments (were) manufacturing, which include electronics and semiconductors; transport and car parts; precision instruments; beverage; electrical machinery; fabricated metals; and chemical products; IT services and ecozone development,” he said.
Most of the investments for manufacturing were to fund expansion of operations, while those in the IT sector came from new players.
In terms of exports, shipments from PEZA’s economic zones amounted to $36.839 billion as of end-October, 4.05 percent higher than the $35.402 billion in export record in the same period last year.
A total of 1.154 million individuals, meanwhile, were employed in the PEZA’s economic zones during the January to October period this year, a 13.75 percent increase from the 1.014 million workforce count a year ago.
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PEZA director general Lilia De Lima had said earlier the agency wants to attract investments in the manufacturing and agro-industrial sectors.
This, as investments in those sectors are expected to generate employment and allow the country to achieve inclusive economic growth.
To attract investments, the PEZA is working on addressing the concerns of firms here to provide a more conducive environment for business.
The agency is also conducting roadshows overseas to promote the country as an investment destination.
The PEZA aims to get P299.3 billion worth of investments this year.
Last year, total investments approved by the PEZA reached P276.126 billion, 11.48 percent lower than the P311.949 billion in 2012.