Investment in RP soars

Thu, 04 Apr 1996

MANILA (AFP): Investment in the Philippines' special economic zones rose 16.6 percent from a year earlier to 7.79 billion pesos (US$299 million) in the first three months of 1996, it was announced here.

Lilia de Lima, director-general of the Philippine Economic Zone Authority, said money was invested in 74 projects during the three months, up from 43 projects a year before.

The biggest project this year was a 598-million-peso printed circuit board manufacturing facility, set up as a joint venture between Japan's Sumitomo Corp. and First Philippine Holdings Corp.

Special tax and customs privileges are extended to firms that set up in the special economic zones, which are restricted to export-oriented companies.

Investment in the zones totaled 52.19 billion pesos in calendar 1995 and the authority aims to attract 75 billion pesos this year.

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