Investment pledges approved by the Philippine Economic Zone Authority (Peza) rose by 38.5 percent to P150 billion in the first 10 months of the year, as more foreign investors considered the country to be a more viable investment site.
On the sidelines of the Asia CEO Awards Thursday night, Peza Director General Lilia de Lima noted that, of the approved investments, 55 percent would go to the expansion of firms operating in the Philippines. The remaining 45 percent are new investments.
The bulk of the new capital outlays will go to the manufacturing sector.
De Lima remains optimistic that, by the end of 2013, Peza will have exceeded the amount of investments it approved last year as investment missions continue to swamp the agency in recent months.
In 2012, approved investments reached P312 billion.
“The investments normally come in the last quarter of the year. We’ve got to surpass (the 2012) figure,” she said.
The Peza chief further revealed that, as European companies firmed up their investments here, representatives of Korean and Japanese firms have also visited her office this week. Upon the invitation of an existing economic zone locator in Calamba, Laguna, these companies are now looking at business opportunities in electronics, automotive parts and other products.
Peza, along with other investment promotion agencies of the government, has been aggressively marketing the country as an attractive investment destination. The Philippines is also enjoying a positive investment sentiment, after the economy received an investment grade rating from three of the world’s top credit agencies.