THE PHILIPPINE Economic Zone Authority (PEZA) will keep its target for 2010 despite slow growth in the past three quarters as most investments come in September to December, an official said.
Lilia B. De Lima, PEZA Director General, told BusinessWorld in an interview at the sidelines of a company launch on Thursday that her office is working “double-time” to achieve 15% growth in investments, 10% hike in exports and 10% increase in employment.
“We are over 10% as of September for investments. We are not changing the target. We are confident that we will achieve the target in two months,” she said.
Based on previous reports, investments registered with PEZA in the three quarters ending September 2010 increased by 32.1% to P80.6 billion, from P61.1 billion during the same period last year.
PEZA said these investment commitments came from the 364 projects that the board approved in the nine months ending September. Ms. De Lima said that from these investment pledges, exports are expected to increase US$5.6 million annually, and additional employment to reach 63,519.
“With the new administration, everyone seems optimistic that the Philippine economy will grow. In a gathering we organized for companies recently, 400 firms expressed their intention to invest in the Philippines,” she said.
Ms. De Lima said one of the projects approved was the Green Future Innovations, Inc.’s ethanol refinery and biomass power facility in San Mariano, Isabela. The investment is worth US$120 million, and targeted to start operations by 2012.
The company is owned by Japanese firms Itochu Corp. and JGC Corp., GCO of Taiwan, and the Philippine Bioethanol and Energy Investments Corp.
“We are in the same situation last year. But remember that we are the only government agency last year that posted positive growth rate with 13.3%. We are coming from a higher base,” she said. — Aura Marie P. Dagcutan, Businessworld
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