PEZA investments surge 250%

MANILA, Philippines - Investments approved by the Philippine Economic Zone Authority (PEZA) surged by 250 percent in January from a year ago amid increased interest from companies to do business here.

Elmer San Pascual, PEZA manager for promotions and public relations said in a text message yesterday investments approved by the agency reached P20.585 billion in January, well-above the P5.876 billion in the same month last year.

PEZA director general Lilia de Lima told reporters yesterday the jump in investment pledges was due to investments poured in for two big ticket projects.

She said the applications for the registration of the big ticket projects were expected in December, but the companies were unable to file their applications for registration last year.

The PEZA is aiming for a 10 percent increase in approved investments in its economic zones this year compared to 2013 as it intends to encourage more companies to locate here.

Total investments approved by the agency last year reached P276.126 billion, 11.48 percent lower than the P311.949 billion in 2012.

De Lima said the agency would continue to actively promote the country as an investment destination to encourage more firms to set-up operations here.

She revealed that next week PEZA is set to meet a business delegation composed of 20 small and medium enterprises from Shizuoka in Japan.

The Japanese business delegation is arriving on Feb. 11 to see opportunities available here.

“They are companies looking to supply manufacturers that are already here,” De Lima said.

While the PEZA wants to attract suppliers to locate here, she said the agency also wants more manufacturing companies as well as agro-industrial firms to invest in the country.

“We are still targeting manufacturing,” she said.

“We also want to attract agro-industrial (firms) to create jobs for the class C, D and E,” she said.