Investment in RP soars

Investment in RP soars

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.