Investments in ecozones up 284%

Encouraged by the quick resolution of the recent political crisis, investments in the country’s special economic zones shot up by 284 percent to P10.92 billion during the first one and a half months of the year from P2.844 billion in the same period last year, the Export Processing Zone Authority (EPZA) disclosed.

Led by the P5.935-billion investment by Epson Precision Philippines Inc., EPZA reported that investments in new export enterprises amounted to P3.178 billion in January 1 to Feb. 15 while investments on expansion projects amounted to P6.301 billion.

According to EPZA, the country’s economic zones generated these investments from new export enterprises, new infotech firms, expansion projects in utilities and warehouses.

New export enterprises were expected to generate annual shipments valued at $779.689 million and projected annual foreign exchange earnings of $400.814 million.

Expansion projects of existing enterprises, however, accounted for the bulk of locator investments in 11 existing enterprises which were expected to generate $96.38 million in exports and $37.304 million in foreign exchange earnings.

EPZA said there was also a P1.294-billion investment by two new enterprises on ecozone utilities.

According to EPZA’s report, Epson registered a new project worth P5.395 billion.

The project involved the manufacture of quartz-based products namely: AT-strip chips, surface mounting device (SMD) quartz and SMD oscillators. These are part of the electronic components used in printers.

Epson’s project was expected to generate $39.425-million worth of exports and earn $15.359 million while creating 870 jobs.

The second biggest project was the P923.39-million project of the Japanese-owned Nidec Precision Philippines Corp. The company registered a new ecozone export enterprise involving the manufacture of fluid dynamic pressure bearings for small precision motors installed to hard disc drives.

Nidec’s project is located at the Laguna Technopart and was expected to generate $48-million worth of exports and $14.729 million in earnings. The project was also expected to give gainful employment to 870 Filipinos. – Des Ferriols