MANILA, Philippines - Investments approved by the Philippine Economic Zone Authority (PEZA) climbed by 2.56 percent year-on-year in the January to October period as firms poured in funds for expansion and new project.
PEZA promotion and public relations group manager Elmer San Pascual said in a text message investments registered with the PEZA as of end-October reached P153.93 billion, higher than the P150 billion in the same period last year.
“(There were) more expansion investments for semiconductors or electronics, general manufacturing (and) IT (information technology), while new investments (were) for ecozone development,” he said.
The PEZA has set a 10 percent growth goal for total registered investments this year.
Last year, investments registered with the PEZA reached P276.12 billion, down by 11.48 percent from the P311.94 billion in 2012.
To meet its goal, the PEZA is actively promoting the Philippines as an investment destination.
In particular, the PEZA wants to attract investments in the manufacturing and agroindustrial sectors to create more jobs here.
In order to attract more investments, the PEZA is conducting road shows and addressing concerns of businesses.
Among the steps being taken by the PEZA to address concerns of businesses is to make the visa application easier for foreign nationals employed by PEZA-registered firms.
PEZA director general Lilia De Lima said earlier the agency is in talks with the Department of Justice - Bureau of Immigration to give them authority to sign visas.
She also said the agency is in discussions with electric distribution utility Manila Electric Co. as well as IT building owners and developers on how locators can enjoy the zero value-added tax (VAT) incentive on purchases of electrical power.
Locators of IT parks cannot enjoy the zero VAT incentive on power purchases for they do not have separate meters.