June 29, 2022

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PEZA official says more investments to enter PHL after May nat’l elections

2 min read

By Revin Mikhael D. Ochave, Reporter

MORE INVESTMENTS are expected to enter the country after the May election as investors await the new administration, according to the top Philippine Economic Zone Authority (PEZA) official.

“We’re not yet off from the coronavirus disease 2019 (COVID-19) pandemic, plus the Ukraine war… then we are now in the election period. Investors have that wait-and-see attitude on the result of the election. Investors’ enthusiasm and heightened hopes come after election,” PEZA Director-General Charito B. Plaza told BusinessWorld via mobile phone message. 

The Philippines is holding its national elections on May 9. Investors typically seek more clarity on the possible policies by the incoming President before making any investment decisions.

“Investors are watching the change of policies by the new administration affecting investments,” Ms. Plaza said.

Last month, a Bloomberg survey of 28 investors and analysts showed Vice-President Maria Leonor G. Robredo was their top pick, while frontrunner Ferdinand R. Marcos, Jr. was second to the last.

However, recent data from the Trade department showed combined investment pledges approved by the PEZA and the Board of Investments (BoI) plunged by 90% to P12.82 billion in the first two months of 2022, from the P133.24 billion recorded in the same period last year.

Broken down, PEZA investment pledges dropped by 53% to P5.27 billion in the January to February period, while BoI investment pledges fell by 94% year on year to P7.55 billion.

Despite the lackluster start to 2022, PEZA is now targeting a 7-8% growth in investment approvals for 2022. This is higher than the agency’s previous target of 6% growth.

Ms. Plaza said the PEZA revised its investment target after the passage of the three economic liberalization measures that are aimed at boosting foreign investments.

“With the three landmark laws (amendments to the Public Service Act, Retail Trade Liberalization Act, and Foreign…

Neil

2022-04-03 12:32:09

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