The Philippine Economic Zone Authority (PEZA) has revised upward its investment target to as much as 15 percent growth this year from 11 percent on back of strong inflow from Japan and European firms.
PEZA director-general Lila B. De Lima revealed this to reporters at the sidelines of the Philippines-Korea Business Forum held in Manila Hotel on the occasion of he visit of Korean president Lee Myung-Bak.
“The fact that we are already in the radar screen of Northern Europe is a very good indication of our attractiveness as an investment destination,” De Lima said.
De Lima, however, said the revised higher target is only for investments because employment and exports target have to stay 11 percent growth rate for the year.
The revised higher investment target came De Lima’s investment mission to Europe where she met various big companies to follow up on their investment plans in the country.
PEZA had originally set a 10-10-10 percent growth target for investments, exports, and employment, but this was also adjusted upwards sometimes in September his year 11-11-11 percent following the strong investments inflow. In 2010, PEZA generated P204.394 billion worth of investments.
The new 15 percent growth target this year, however, is only for investments as the country’s exports and employment have limited growth largely to the slowdown in the US and European economies. Exports to Japan have been recovering after encountering a supply chain problem during the quake and tsunami calamities early this year.

Source: Manila Bulletin - November 22, 2011