PEZA investments up 38.5% to P150.91B

MANILA, Philippines - Approved investments by the Philippine Economic Zone Authority (PEZA) rose 38.5 percent to P150.91 billion in the January to October period compared to a year ago as locators spent for expansion and new players set-up operations in the country amid improving economic conditions.

“The investments are for expansion and for new facilities,” PEZA director general Lilia De Lima told reporters in a chance interview.

She said that 55 percent of the approved investments were funds poured in by existing locators to expand operations, while the rest came from new players.

She added that the investments are for manufacturing facilities.

The country is becoming a more attractive location for investments given its strong economic growth, good governance efforts as well as its available labor pool.

De Lima expects more investments to be made as many foreign companies are visiting the country to check opportunities here.

She said that a Japanese investment mission composed of firms engaged in basic support industries for the automotive and electronics sectors were in the country recently.

The firms are engaged in the mold and dye industries.

“They are interested to invest here,” De Lima said.

She added that another mission composed of a total of 20 Japanese and Korean small and medium enterprises are in the country to see if there are business opportunities for them.

“These Japanese and Korean (enterprises) were invited by their friends who already have businesses here,” she said.

Last year, the PEZA approved a total of P311.9 billion worth of investments, eight percent higher than the P288 billion approved in 2011.