philippines: Ecozone investments nearly double in 5 months

MANILA, Philippines – Investment pledges approved by the Philippine Economic Zone Authority (PEZA) nearly doubled in the first five months this year, fueled by the agency’s aggressive program to attract foreign investors, its director general Charito Plaza said.

Plaza said PEZA approved P107.75 billion worth of investments from January to May, almost twice the P54.38 billion commitments in the same period last year.

Real estate projects accounted for the largest portion at P67 billion, followed by manufacturing projects at P18.5 billion.

Power and energy-related projects made up P14.9 billion, information technology at P7.1 billion, transportation and storage at P71 million, and water supply at P10 million.

Plaza said a number of factors contributed to the robust influx of investments, among which is PEZA’s aggressive program in inviting foreign direct investments.

She said PEZA’s move to identify and create new economic zones in every province and cities nationwide has likewise helped support investor interest in the country.

PEZA plans to come up with a Philippine Economic Zones Map that will put all the existing and new economic zones in the country identified by local government units, private landowners and business chambers.

“The PEZA incentives are very attractive to foreign investors and are now disseminated nationwide, especially abroad,” Plaza said.

“The most important is the Duterte factor where investors trust and feel confident about President Duterte’s sincerity and dedication in providing a clean and a good government. Safety and peace are felt by investors, thus wanting to support the President’s programs and the country’s progress,” she added.

For this year, PEZA expects approved investments to triple to at least P654.54 billion behind heightened foreign investor interest in the country.

With the overall bullish investor sentiment, Plaza said investment approvals by the agency may even quadruple to as much as P872.72 billion for 2017 from P218.18 billion last year.

PEZA is one of the country’s top investment promotion agencies. It currently administers 386 economic zones across the country, of which four are owned and operated by the agency.

Source: http://www.philstar.com/business/2017/06/30/1714761/ecozone-investments-nearly-double-5-months