RP economic zone investment up in 2000 despite troubles<\/p>\n
MANILA (AP): Investment in Philippine special economic zones
\nnearly doubled last year to 74 billion pesos (US$1.5 billion)
\ndespite economic and political problems besetting the country,
\nauthorities reported on Wednesday.<\/p>\n
Lower tax and other incentives in the economic zones boosted
\ninvestments there sharply last year from the 38.8 billion pesos
\n($736 million) registered in 1999, according to data released by
\nthe Philippine Economic Zone Authority.<\/p>\n
More than half, or 40.4 billion pesos ($808 million), of the
\ninvestments for the period went to new or expansion projects.
\nSome 24.8 billion pesos ($496 million) were investments for new
\nexport enterprises while 1.2 billion pesos ($24 million) went to
\ninformation technology enterprises.<\/p>\n
In contrast to the surge of investment in economic zones,
\nfewer investors registered with the Board of Investments, the
\nmain government agency that regulates, promotes and oversees
\ninvestment flows in the country.<\/p>\n
As earlier reported, investments registered with the board in
\nJanuary to November 2000 fell 63 percent to 38.7 billion pesos
\n($774 million) from 106 billion pesos ($2.1 billion) in the same
\nperiod the year before<\/p>\n
Overall investments in the Philippines are expected to have
\nfallen in 2000 as many investors chose to wait for prevailing
\npolitical problems in the country to settle down before injecting
\nmore capital into the country.<\/p>\n
President Joseph Estrada is on impeachment trial on charges of
\nmass corruption. Lawyers say they hope the trial will end in
\nJanuary.<\/p>",
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