Investment pledges registered at the Philippine Economic Zone Authority (Peza) in January to October jumped by almost 90 percent to P203.18 billion, from last year’s P107.34 billion.
Figures from the Peza indicated that the Philippines attracted more big-ticket projects during the 10-month period, as the number of projects where investments will be channeled reached 484 this year, slightly higher than the 481 recorded last year. “The increase in investment pledges was driven mainly by the Duterte administration’s pursuit of good governance, incentives given by the Peza and the aggressive marketing and promotion of Peza to domestic enterprises,” Peza Director General Charito B. Plaza told the BusinessMirror via short message service.
Plaza said the “enthusiasm” of local government units and the private sector in
putting up economic zones have also helped propped up investment figures during the 10-month period.
In terms of workers employed in Peza-accredited zones and locators as of September, data from the agency showed there was an increase of 4.47 percent. During the period, Peza zones and locators employed 1.37 million, higher than the 1.32 million recorded last year.
The value of exports from Peza locators rose by 9.66 percent to $37.97 billion in January to September, from $34.63 billion in the same period last year.
Despite the general increase in overall investments, investment pledges in the information- technology (IT) sector continue to tumble due to uncertainty over fiscal incentives.
Government data showed investments in the business-process outsourcing sector declined by 8.4 percent in the January-to-October period. Investments reached P14.4 billion in the 10-month period, lower than the P15.73 billion recorded last year.
The number of projects also fell to 183 from 168 seen last year.
The value of IT service exports declined slightly to $8.023 billion, from $ 8.1 billion in 2016.
Despite this, workers directly employed by IT sector rose to 658,892 in January to September, from last year’s 633,393.