THE Philippine Economic Zone Authority (PEZA) saw investments in its economic zones grow 68% in the first five months of the year on the back of a recovering global economy.
Latest PEZA data showed that new investments totaled P46.35 billion from January to May from P27.62 billion in the same period last year.
PEZA attributed the hike to the revival of expansion plans by companies which last year were not too confident about spending due to the global economic recession.
It said the strong numbers indicated renewed investor confidence in the Philippines, supported by strong recovery prospects for most export markets.
The new investments are expected to attract export earnings of $2.105 billion this year, almost double the $1.143 billion recorded last year.
They are also expected to create about 33,640 jobs from 30,113 jobs in the same period last year.
PEZA sees investments growing 15% this year to slightly over P200 billion from P175.365 billion in 2009, thanks to the country’s strong electronics and automotive industries.
PEZA investments last year grew 13% despite the global economic crisis.
