Investments in ecozones double to P70 B in 10 mos

Despite the climate of gloom, January to October investments in the country’s export zones doubled from P34.231 billion last year to P69.869 billion this year, the Philippine Export Zone Authority (PEZA) reported yesterday.

According to the PEZA, locators, invested more than the P44 billion they were expected to invest for the whole of 2000, breaching the target by over P25 billion.

PEZA said the country’s economic zones generated these investments from new export enterprises, new infotech enterprises and expansion projects in utilities and warehouses.

PEZA reported that new export enterprises invested P24.752 billion and expect to generate export earnings of $1.38 billion yearly.Expansion projects of 97 existing enterprises, accounted for the bulk of locator investments amounting to P37.952 billion. These business are expected to export a total of $5.939 billion every year and generate $2.34 billion in foreign exchange earnings while employing a total of 19,529 people.

This month so far, PEZA said it has approved a total of 12 new projects worth P1.521 billion.

Other investments include two utilities worth P2.988 billion, 10 facilities worth P2.875 billion and six service enterprises worth P229 million. The biggest investment approved for the period, according to PEZA, was the P695.399 million expansion project of Psi Technologies Laguna Inc. at Camelray Industrial Park II Special Economic Zone.