The Philippine Economic Zone Authority (Peza) is confident it can register over P100-billion new investments this year, as it looks to convince multinationals moving out of China to locate in industrial parks here.
In a news briefing on Monday, Peza Director General Charito B. Plaza expressed optimism her agency can breach P100 billion in investment haul this year. She said a number of investors are planning to relocate to the Philippines before the year ends, and their registrations could prove significant at a time Peza is playing catch up.
Moreover, some of the existing locators in the country have said they might push through with their expansion plans as soon as possible, giving Peza a glimmer of hope that applications will be filed before the Covid-19 year ends.
“We might exceed more than P100 billion this year,” Plaza said. “In fact, we have expansions from our existing companies who have manifested they will continue with their expansion plans this year, or early next year.”
According to Plaza, her agency is currently assisting an Israeli investor who is transferring all of his 16 factories in China to the Philippines.
“As for the Israeli investors, we will first have an MOU [memorandum of understanding]. We are helping him find the appropriate economic zone to locate their 16 branches coming from China,” Plaza disclosed.
Investments registered with the Peza from January to October declined more than a fourth to P72.64 billion, from P99.32 billion during the same stretch last year.
Further, projects applied to the agency fell to 248, from 454 new ventures. As such, the number of workers employed in economic zones slipped by over 2 percent to 1.53 million, from 1.57 million.
As of November 6, the Peza reported 87 percent, or 2,627, of its locators are operating, some back in factories and offices, while some through remote arrangements. However, at least 388 firms have yet to resume operations in spite of the easing of quarantine rules nationwide.
“As for those who are still closed up to now, most of them have problems with raw materials, as most of their units are imported from other countries. Likewise, some of them have seen their world buyers cancel orders,” Plaza revealed.