PEZA investments up 18.19% to P9.7 billion in May

MANILA, Philippines – Investments in export processing zones went up by 18.19 percent to P9.75 billion in May from P8.25 billion in March, the Philippine Economic Zone Authority (PEZA) reported yesterday.

On the other hand, employments created inside the country’s ecozones jumped by 119 percent to 6.351 million in May from a year ago level.

“Just as we were thinking of downscaling our targets, the performance for the month of May gave us a good reason to put on hold such adjustment,” PEZA Director General Lilia de Lima said.

“Because for the first time this year in May, on a month on month basis, all our indicators registered positive growth except projected exports compared to May 2008,” she explained.

Earlier, after recording a 52- percent drop in investments for the first three months of the year, the government announced that the second quarter investments would be better as a South Korean firm finalizes its plan to invest in the country’s renewable energy industry.

“Things started picking up,” Trade and Industry Secretary Peter B. Favila said.

According to Favila, the signs are very encouraging. In fact, he said exports are starting to pick up. “Exports have bottomed out,” Favila said.

He said food and furniture exporters have started recovering the lost orders they have incurred when the global demand started slowing down.

Most importantly, Favila noted that the electronics industry is gaining ground again. “This is good news because this is our number one export,” Favila explained.