The Philippine Economic Zone Authority (PEZA) registered P66.956 billion worth of new investments as of end-May, 44.46 percent higher year-on-year, the latest data show.
PEZA Director General Lilia de Lima expressed more confidence that this year’s 10 percent target increase in investments, exports and employment within the zone is achievable.
Before delegates of the Philippine Semiconductor and Electronics Convention and Exhibition at the SMX yesterday, de Lima assured investors that problems connected to power and the high electricity costs will be resolved soon, or as early as next year, which should attract more locators to PEZA areas.
De Lima said investors still think highly of Philippine competitiveness as a location despite lingering concerns in the salary scale, which may be a disadvantage compared to other nations such as Vietnam, China, India and Indonesia.
Japanese manufacturers, however, remain bullish about the Philippines as investment site, she said.
De Lima recently met with 11 Japanese investors while in Japan, most are in the electronics sector, some in agri-processing and tourism. She expects more projects with an estimated worth of P1 billion from Japan will be relocating to the Philippines soon.
De Lima said the focus is to encourage companies that makes and supplies raw materials and components to attract more Japanese investments. “Difficulty in procuring raw materials and parts is the chief but only complaint cited by the Japanese, compared to what they cite in other countries in the region,” said de Lima, citing a JETRO survey called ‘Management Trouble for Japanese Managers in Asian Countries’ released last November.
