PEZA sticks to growth target

The Philippine Economic Zone Authority (PEZA) is sticking to its ambitious tripledigit growth target for investment pledges this year after project approvals soared 89.28 percent in the 10 months to October.

PEZA is targeting a growth of at least 200 percent in its approved investment projects for 2017.

To achieve the growth target, PEZA needs to register at least P654.54 billion worth of projects for the year following a P218.18 billion turnout last year.

“We are still positive (in achieving it), especially if Presidential proclamations will all be released by the Office of the Executive Secretary as promised after our dialogue with the Philippine Chamber of Commerce and Industry because many registered industries are waiting. They cannot put up their industries if ecozones cannot be proclaimed yet,” PEZA director general Charito Plaza told The STAR.

Plaza earlier estimated that some P500 billion worth of investments in the country are at risk given the persistent delays in the proclamation of new economic zones.

She said the amount already includes the industries which cannot put up their facilities as long as their respective site or building is not yet proclaimed.

As of end October, however, PEZA’s approved investments have not yet reached half of the ambitious full year target even while registering strong year-on-year growth.

Approved projects by PEZA from January to October have reached 484 with a total value of P203.18 billion, up 89.28 percent from P107.34 billion in the same period last year.

Economic zone development projects accounted for the largest portion of the investment approvals at P125.76 billion, followed by manufacturing and information technology projects at P46.56 billion and P15.73 billion, respectively.