Ecozone investments down 57% in Jan-Oct

Investments in the country’s export zones dropped by 56.84 percent in the first 10 months this year, the Philippine Export Zone Authority (PEZA) reported over the weekend.

In a report, PEZA said it approved investments totalling only P29.5 billion from January to October this year compared to P68.3 billion last year.

For the month of October alone, PEZA-approved investments amounted to a mere P1.9 billion, 62.75 percent lower than the P5.1 billion approved in the same month last year.

However, PEZA said employment generated from new investments in October increased to 4,051 workers, or 69.29 percent more than the 2,393 new jobs generated in October last year. However, for the cumulative period of January to October, total employment generated reached only 39,912, a 7.2 percent drop from the comparable period last year which saw a total of 43,009 new jobs created.

The two top project approved by PEZA in October were those of Asia Pacific Fertilizer Mfg. Corp. (APFMC) and that of Laguna Auto-parts Manufacturing Corp. (LAMCOR).

APFMC’s investment amounts to P613 million and is projected to generate exports amounting to P65.731 million. The project is expected to generate employment for at least 100 workers.

The company will manufacture fertilizer with a number of by-products, notably gypsum.

It will operate the idle facilities of the Philippine Phosphate Fertilizer Corp. (Philphos).

APFMC is a 100-percent Filipino-owned new ecozone export enterprise registered in the Leyte Industrial Development Estate – special economic zone.

LAMCOR’s investment, on the other hand, amounts to P177.635 million and it will manufacture alternators, starters, stator, field coil, DFA, pick-up pulley brackets, distributor assembly, brush holder, mold parts, ABS-PG, immobilizer and IC leg assembly.

LAMCOR is 90 percent Japanese-owned and only 10 percent Filipino. It’s new project will generate employment for at least 549 workers.

The company was registered with the Board of Investments in 1991, but has decided to transfer its registration to the PEZA.