MANILA, Philippines - Investments registered with the Philippine Economic Zone Authority (PEZA) are expected to grow by eight to nine percent this year from a year ago as the country looks to attract more manufacturing firms to the country.
“We are looking at single-digit growth (for PEZA-registered investments) this year…around eight to nine percent,” PEZA director general Lilia De Lima told reporters yesterday.
Last year, investments approved by the PEZA amounted to P279.48 billion, up 1.2 percent from P276.13 billion in 2013.
Most of the investments registered with the PEZA last year were for the manufacturing sector.
For this year, De Lima said the thrust is still to encourage more manufacturing companies to choose the Philippines as an investment destination and set up facilities, in line with the goal of achieving inclusive economic growth and generating jobs.
She noted that while there is strong interest by many firms to locate here, the congestion at Manila’s ports, which started last year, has affected the country’s viability as a place for manufacturing.
Manila’s ports saw a pileup of containers following the imposition of a truck ban by the City Government of Manila in February last year.
While the implementation of the truck ban was lifted in September, congestion at the ports continue to be a problem, affecting export of goods as well as import of raw materials for manufacturing.
“Once the port congestion is resolved, it will be all systems go,” De Lima said, noting that more manufacturing firms would be expected to make investment commitments.
Board of Investments (BOI) chairman Gregory Domingo meanwhile, declined to give a target for investments approved by the BOI this year.