PEZA Pledges to Work Harder, Bring in More Investors

The Philippine Economic Zone Authority (PEZA) has pledged to work harder to invite more investors who will put up and expand ventures here in the country, PEZA Director General Lilia de Lima said in an interview.

De Lima said her office is intensifying its efforts to grow investments and number of projects within PEZA economic zones in order to make up for sectors which PEZA is no longer giving incentives.

Pursuant to its resolution on November 2012, PEZA halted giving incentives on tourism projects within Metro Manila, Cebu, and Boracay, and also biofuel projects.

”Those are big projects. On tourism, it’s always multi-billion investments; also biofuels — these are big projects,” de Lima said.

”Our universe has been reduced,” she said explaining the effects of removing incentives on tourism and biofuels projects in PEZA.

In 2013, total investments in PEZA reached Php 276.13 billion which is 11.48 percent lower than 2012’s total investment of Php 311.50 billion.

”We will work for it harder. I will invite more investors. Those who are here, I will invite them to expand,” de Lima stressed.

”We are approving a lot of projects even sometimes we’re down, sometimes we’re up.But our gauge here is the number of projects we are approving… Big companies, they bring their suppliers especially in electronics and automotive (sectors),” she added.

She noted that PEZA has been receiving interests on investments here in the Philippines from different countries particularly from Central Europe.

”It’s only in the recent past that we get invites from Norway, Sweden Copenhagen, Denmark, Finland, Scandinavian, Nordic countries. Then we’re getting invites from Poland, Hungary, and Czech Republic… We’re now on the radar screen,” de Lima cited.

The investment promotion agency aims to grow investment approvals by 10 percent this year.

In its 19 years of establishment, investments entered through PEZA has reached to Php 2.627 trillion and created 1,055,599 direct jobs. (PNA) FPV/KMC