PEZA Investments up by 27.5%

MANILA, PHILIPPINES - Foreign investments registered with PEZA (Philippine Economic Zone Authority) increased by 27.5% for the first two months of this year compared to the same period last year, resulting from expansion in operations of existing locators.

The new investments inflow rose to P8.443 billion in January-February this year vs. P6.619 billion in the same period last year.

The I.T. sector registered a 32% increase in investments, from P281 million in the January-February period last year to P371 Million this year.

There were a total of 15 new I.T. projects that registered in the Philippine Economic Zone for the first two months of this year, which are expected to generate 8,541 new jobs. Last year, there were only 4 new IT projects during the January-February period, that brought in 1,083 new jobs.

There are a total of 71 new projects approved between January through February, nearly double the 37 projects registered last year.

The Philippine Economic Zone Authority grants a package of tax and fiscal incentives to export-oriented enterprises, which includes: income tax holiday, tax and duty-free importation of capital equipment, five percent tax on gross income in lieu of all other taxes and employment of foreign nationals.

At present, there are 80 operating economic zones under PEZA including the four government-owned ecozones in Baguio, Cavite, Cebu and Bataan.

There are also 18 IT parks and buildings registered with the PEZA.

3/3/06

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