Investments approved by the Philippine Economic Zone Authority (PEZA) in January surged by 250 percent compared to the same month in 2012.
PEZA Director General Lilia de Lima told reporters that the 250-percent increase can be attributed to investments that were supposed to be made in December last year but were accounted in January.
She added that two big-ticket projects also caused the rise in the January investment figure of PEZA.
The target of PEZA is to get a 10-percent increase in approved investments in all economic zones in 2014.
Investments approved by the agency reached P20.585 billion in January, which is a large jump compared to the P5.876 billion recorded in the same month of 2012.
Last year, total investments approved by PEZA reached P276.126 billion, or 11.48 percent lower from the P311.949 billion recorded in 2012.
“We are going to recover this year what we’ve lost in investments value last year,” de Lima said.
She added that PEZA is intensifying its promotion of the Philippines as an investment hub in the region, by enticing more companies to set up operations in the country, especially firms from agro-industrial and the manufacturing sector. Government is currently reviving the country’s manufacturing sector.
According to de Lima, PEZA is going to meet 20 small and medium enterprises from Shizuoka in Japan, which are arriving on February 11. The Japanese firms will check the business opportunities in the country.
“They are companies looking to supply manufacturers that are already here,” the PEZA chief said.