Backed with recent economic development, the Philippines is the current “darling in Asia” in terms of investments, according to an official from the Department of Trade and Industry (DTI)
In an article from Asian Journal, DTI Undersecretary and Philippine Economic Zone Authority (PEZA) Director General Lilia de Lima said that the investments approved by PEZA jumped to 90 percent in the first five months of the year.
Data from the National Statistical Coordination Board (NSCB) also showed that for the first quarter of 2013, approved investments to PEZA reached P32.9 billion from the P12.8 billion recorded in the same period of 2012.
Under the DTI, PEZA is tasked to promote investments, extend assistance, register, grant incentives to and facilitate the business operations of investors in export-oriented manufacturing and service facilities inside selected areas throughout the country.
Among the seven major investment promotion agencies in the country, PEZA recorded the highest increase in approved investments at 157.1 percent.
Meanwhile, the total approved foreign investments in the first quarter went up by 86.7 percent to P34.6 billion.
Moreover, de Lima also said in the article that PEZA is a one-stop shop for businesses, urging investors to consider the agency as their “gateway” to the Association of Southeast Asian Nations market.
She added that businesses under PEZA remained strong despite the recent financial crisis in the global market.
Despite external uncertainties, the Philippines managed to be the fastest-growing economy in Asia as it expanded by 7.8 percent in the first quarter of 2013. The country also received an investment grade rating from international credit-rating agencies such as Fitch Ratings and Standard and Poor’s.