Manila Standard Today reported that investment pledges in the country's economic zones grew 5.4% YoY in the first nine months, lower than the agency's 12% full year growth target.

Philippine Economic Zone Authority promotions group head Mr Elmer San Pascual said the agency approved PHP 128.2 billion worth of investments in the nine month period, up from PHP 121.6 billion a year ago.

He said the investments were expected to generate 64,107 in direct employment and export sales of USD 5 billion.

Mr San Pascual said Peza was still optimistic of meeting its targets this year of 12% growth for investments, exports and employment.

Peza is aiming for PHP 323 billion worth of investments in 2012, a 12% increase over PHP 288 billion in 2011.

Mr San Pascual noted that despite the decline in electronic exports, investment commitments still managed to grow, as other sectors were bullish of better performance in the coming months.

He said that "We are still waiting for a number of big investments in the remainder of the year." He added that this represented 50% of the bulk of investments scheduled to come in the country in 2012.

Source - Manila Standard Today

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