MANILA, Philippines - The Philippine Economic Zone Authority (PEZA) has revised its yearend target to 11-11-11 following a robust performance in first eight months.
In an interview with reporters, PEZA Director General Lilia De Lima announced that they are revising their 10-10-10 growth target to 11-11-11. This means that PEZA now expects investments, employment target and exports to grow by 11 percent by the end of the year.
For the first eight months of the year, investments went up by 60 percent to P113.603 billion from P70.958 billion a year ago. The number of projects likewise went up to 426 from 332 last year. Export earnings meanwhile are expected to hit $23.941 billion.
“We are looking at triple double digit growth this year,” De Lima said referring to the 10-percent growth.
Investments grew by 17 percent to P204 billion during the first eight months of the year from P175 billion in 2009. “This is the highest investment since 2001,” De Lima said.
“We are coming from a very high base. When others were posting a decline last year, we had a growth,” De Lima said. For this year, she said they have exceeded their 15-percent growth target because of the continued confidence of PEZA locators. Projects approved were 518 from the 502 a year ago.
The other attached agency of the Department of Trade and Industry (DTI), the Board of Investments (BOI) has likewise revised its yearend target.
Earlier, BOI managing head Cristino L. Panlilio said it is possible for them to attain their investment target of P320 billion.
PEZA execs get P93.6 M in authorized salary hikes
Officials of the Philippine Economic Zone Authority (PEZA) granted themselves and their employees over P93.6 million in salary increases from June to December last year, according to a report by the Commission on Audit (COA).
In its report, COA questioned the salary adjustments which were made without the approval of the Office of the President.
“Review of the expenditures for personal services of PEZA HO (head office) and its branches for the calendar year 2010 disclosed that, despite the NSs (notices of suspension) earlier issued, the Authority continuously paid to PEZA officers and employees the questionable transactions totalling P93,651,135 more or less for the period June to December 2010,” state auditors said.
“Absence of the necessary approval from the Office of the President renders the payment without legal basis, hence not allowable in audit,” the audit report stressed.
Records show that the salary adjustments were implemented based on a PEZA board resolution issued on July 29, 2009 which approved the adjustment of the PEZA Compensation Plan.
The salary adjustment covered all personnel whether permanent, temporary, co-terminus or contractual, but excludes those who are hired not as part of the organic manpower of PEZA, such as consultants, “contract of service” personnel and others. – With Michael Punongbayan