Elmer H. San Pascual, group manager of the promotions and public relations group at Peza, said the increase in investment commitments can be largely attributed to the expansion of existing ecozone locators, and a P19-billion tourism project, whose proponents he declined to identify.
San Pascual disclosed on the sidelines of the 10th Philippine Semiconductor and Electronics Convention and Exhibition (PESCE) on Wednesday that Peza remains on track to achieve its total target investment commitments of P1.1 trillion within a six-year period from 2011 to 2016. This is based on a target 10 percent growth in pledges on a yearly basis.
“We’re about half of that already,” San Pascual said, referring to the P1.1 trillion target.
Meanwhile, the actual value of exports recorded by Peza locators rose by 2.98 percent to $13.552 billion as of end April 2013, from $13.159 billion a year ago. About 65 percent of these exports came from the electronics sector, San Pascual said.
Peza director general Lilia de Lima noted the continuing increase in the number of foreign firms wanting locate in the country, adding that the Philippines was now a smart option for investors.
“The Philippines offers the best investment site especially in manufacturing and research and development,” she told convention delegates Wednesday.
De Lima explained that the Philippines has adequate skilled labor, fair and competitive wages, and enough space for those wanting to set up shop in the country.
The Peza chief noted that new economic zones are being developed in Cavite, Laguna, Batangas and Central Luzon, while existing ones are being expanded to accommodate more companies. On average, existing ecozones are 85-90 percent utilized.
“So we will not run out of space,” De Lima said.
Based on pending applications with Peza, prospective locators will be needing 2,000 hectares in various locations across the country to set up their respective plants, factories and offices, De Lima added.