Investments in ecozones surged 250% in January

MANILA, Philippines—Investment pledges approved by the Philippine Economic Zone Authority (Peza) surged by 250 percent in January this year to P20.58 billion from P5.88 billion recorded in the same month in 2013.

Peza Director General Lilia de Lima said on Wednesday that the projects approved by the board were mostly involved in the manufacturing sector, but declined to cite specific companies. Also included were companies that were not able to submit their applications in time for the board’s last meeting in December 2013, De Lima explained of the investment surge.

Peza is moving to further woo investors as it is set to host next week a 20-member delegation comprising small- and medium-sized Japanese companies that are looking to become suppliers of existing locators at the Peza-managed economic zones.

“These are manufacturing SMEs that will support companies that are already here,” De Lima added. The companies are based in the Shizuoka Prefecture, an area in Japan located in the Chu-bu region of Honshu.

De Lima said that new parks were being put up while existing ones were being expanded to support the increasing number of ecozone locators.

The Cebu-based Norkis group of companies, for instance, is building a five-tower cyberpark worth about P6 billion in Mandaue City, Cebu. The project is seen generating 38,000 new jobs and becoming a flagship business for the group.

According to De Lima, this has been approved by the Peza board but was still in the documentary compliance stage prior to being sent to Malacañang for approval.

Other ecozones and parks are being expanded as well, including the industrial park operated by Lima Land Inc.

Aboitiz Land, which acquired a majority stake in Lima Land, is reportedly expanding the existing park by another 150 hectares. The park measures more than 200 hectares, according to De Lima. The company has yet to send its application to Peza.