Rise in pledged investments slows as of July, PEZA data show

INVESTMENTS PLEDGED to the Philippine Economic Zone Authority (PEZA) reached P68.609 billion from January to July, up by 57.54% from year-ago levels, data released yesterday showed.

The growth is slower than the 58.8% rise seen in the first half of the year.

The agency will have to lure roughly twice as much of this seven-month tally in the remaining months to hit its yearend target of P206.67 billion.

PEZA officials could not be immediately reached for comment, but Public Relations Head Elmer C. San Pascual had earlier said the target — a 15% increase from 2009 levels — will be maintained as pledges usually surge later in the year.

The 296 projects that make up the amount as of July are projected to make $4.404 billion in export sales once they are operational, the data showed. This is nearly triple the forecast export sales of investment projects registered in the same period last year.

More than 55,000 jobs will be generated from the investments, a fifth more than the jobs expected from projects registered in January-July last year.

PEZA, along with other investment promotion agencies, have the task of luring P345.40 billion worth of pledges this year and a total P2.405 trillion by 2014, as targeted under the Philippine Investment Promotions Plan. — JADH