MANILA, Philippines – The Philippine Economic Zone Authority (PEZA) has revised its yearend target to 11-11-11 following a robust performance in first eight months.
In an interview with reporters, PEZA Director General Lilia De Lima announced that they are revising their 10-10-10 growth target to 11-11-11. This means that PEZA now expects investments, employment target and exports to grow by 11 percent by the end of the year.
For the first eight months of the year, investments went up by 60 percent to P113.603 billion from P70.958 billion a year ago. The number of projects likewise went up to 426 from 332 last year. Export earnings meanwhile are expected to hit $23.941 billion.
“We are looking at triple double digit growth this year,” De Lima said referring to the 10-percent growth.
Investments grew by 17 percent to P204 billion during the first eight months of the year from P175 billion in 2009. “This is the highest investment since 2001,” De Lima said.
“We are coming from a very high base. When others were posting a decline last year, we had a growth,” De Lima said. For this year, she said they have exceeded their 15-percent growth target because of the continued confidence of PEZA locators. Projects approved were 518 from the 502 a year ago.
The other attached agency of the Department of Trade and Industry (DTI), the Board of Investments (BOI) has likewise revised its yearend target.
Earlier, BOI managing head Cristino L. Panlilio said it is possible for them to attain their investment target of P320 billion. –Ma. Elisa P. Osorio (The Philippine Star)
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