ECOZONE INVESTMENTS SOAR 249% TO P22.4-BILLION IN JAN-APR
MANILA, May 11 , 2004 (STAR) By Marianne V. Go - Investments in the country's economic zones surged by a strong 249 percent to P22.402 billion in the first four months of the year from only P6.414 billion in the same period a year ago, the Philippine Export Zone Authority (PEZA) reported yesterday.
The PEZA said that of the total investments during the four-month period, P2.618 billion went into the information technology industry, representing an increase of 50 percent over last year’s P1.444 billion.
For the month of April alone, new investments approved by the PEZA Board amounted to P534.889 million.
This amount is expected to generate an annual average export sale of $27.079 million and provide direct employment to 1,491 workers.
The top three ecozone locator-investors in April were Daiwa Seiko Philippines Corp. (DSPC) with an investment of P296.049 million; YTM Component Inc. with an investment of P85.94 million; and Nima Apparel International Inc. with an investment of P40 million.
DSPC is a 100-percent Japanese-owned firm engaged in the manufacture of transmission parts.
YTM is 63.2-percent Japanese-owned and 36.8-percent Filipino-owned. It will manufacture automotive low tension wires.
NAI is 99.98-percent Korean-owned and will manufacture all kinds of apparel.
The PEZA also reported that for the month of March alone, exports by ecozone locators amounted to $7.181 billion, increasing by 28.167 percent compared to exports amounting to only $5.603 billion in March 2003.
Of this amount, electronics and semiconductor companies accounted for the bulk of total export receipts for March.
The local electronic industry is expecting a growth of 10 percent this year due to the expected rise in global demand for electronic products.
The PEZA figures dispel claims that investors are shying away from the Philippines because of continued fears about peace and order situation and uncertainty over the May national elections.
Reported by: Sol Jose Vanzi
© Copyright, 2004
by PHILIPPINE HEADLINE NEWS ONLINE
All rights reserved
PHILIPPINE HEADLINE NEWS ONLINE [PHNO] WEBSITE