THE Philippine Economic Zone Authority (PEZA) expects to hit its targeted 5 percent growth in investment approvals this year, with investment pledges approved from January to September this year already hitting P78 billion.
Justo Porfirio Yusingco, PEZA deputy director general, said that in their board meeting last September 29, PEZA approved P1.8 billion worth of investment pledges spread in roughly five new economic zones and about 30 new locator companies and expansions.
Compared to the same period last year, “we’re on track at 3 percent to 5 percent [growth]because more investments are coming in,” he said.
“The drivers which support the increase in investments are expansion projects of existing companies and new projects,” he added.
He said these new projects have contributed greatly to employment, with some 75,000 jobs created as of July this year.
“But of course one of the bigger chunks of investment is in manufacturing,” he added.
PEZA spokesperson Elmer San Pascual earlier said 3,625 companies were currently operating inside government-owned economic zones.
Exports by PEZA locators were reported at $32.8 billion as of end-September 2015, down by 0.34 percent from the $32.9 billion recorded in the same period in 2014.