PEZA sets 12-12-12 growth targets for '12

MANILA, Philippines - Philippine Economic Zone Authority (PEZA) Director General Lilia de Lima has pledged to deliver a 12-12-12 percent increase in investments, export revenues, and employment in the country’s economic zones this year.

During the 17th Annual Investors Recognition Night at the World Trade Center held last week, De Lima said with the Aquino administration’s initiative to improve the business climate and eradicate graft and corruption, the Philippines is now a “favored investment location” especially by European countries that did not pour in much investments in the past.

In 2011, the 257 economic zones nationwide registered a cumulative increase of 41 percent in investments to P288.34 billion from P204.395 billion in 2010. Employment grew 15 percent to 837,136 in 2011 from 728,318 in 2010.

Exports grew 4.54 percent to $38.677 billion in 2011 from $36.997 in 2010.

De Lima said total investments since July 1995 – when PEZA started – up to April 2012 have grown to P2.32 trillion, 23 percent of which or P465 billion came in during the first 22 months of the Aquino administration.

The total number of export-oriented companies in economic zones is now 2, 709, 19 percent or 512 of which are companies that came in during Aquino’s term. Total cumulative employment is now 915, 260, 26 percent of which or 241, 895 of which was created during the past two years. 

Cumulative export revenues from various economic zones in the country stood at $463.75 billion, making up 87 percent of the country’s total manufactured exports.