Export receipts logged by firms operating in Philippine Economic Zone Authority (Peza)—accredited sites grew by almost 19.5 percent in the first quarter of the year, boosted by the upswing in global demand.
According to data from the investment-promotion agency, the estimated exports hauled in from January to March this year amounted to $1.49 billion, way above the $ 1.24 billion recorded during the comparable period in 2016. Peza Director General Charito B. Plaza said in a text message this can be credited to continuing expansion of existing locators to meet spiking demand.
Investments, which, in the same period, increased by 50.5 percent to reach P 51.3 billion, are also expected to increase due to the release of the Philippine Economic Zones Map scheduled for October.
The project is envisioned by Plaza to initiate a new boom in ecozone development and construction.
The Department of Finance has reportedly assisted Peza in listing all the land assets under the Privatization and Management Office for public ecozone mapping, while the Department of Energy has committed to implement reduced power rates for economic zones in Mindanao.
During the recent economic growth briefing, National Economic and Development Authority Director General Ernesto M. Pernia predicted a rebound in exports due to improving global demand this year, as the country saw a 32.3-percent increase in shipments abroad in the first quarter, the fastest first quarter growth since 2010.