Philippine Economic Zone Authority (PEZA) is cutting its investment target to eight to nine percent this year due to last year’s minimal growth in investment pledges.
PEZA Director General Lilia B. de Lima said she had to reset targets since big ticket tourism projects are no longer registered with economic zones.
De Lima consoles herself with the thought that if port congestion will be resolved soon, expansion in manufacturing will help boost investment tallies.
“Manufacturing is coming very very strong. If the problem with port congestion will be solved by our target date of February 15 all systems go,” de Lima said.
“Several manufacturers withheld their expansion plans because of problems in shipping equipment and products,” she said.
Investments pledges generated by the PEZA last year barely grew to P279.48 billion, up by 1.21 percent from 2013’s P276.13 billion.