May 2, 2003

Philippines' Approved IT Investments Up 90 Percent

The Philippine Economic Zone Authority (PEZA) approved information technology (IT) investments increased by 90 percent in the first four months of 2003 with registered 1.443 billion Philippine pesos from PhP752 million in the same period last year.

PEZA data showed that two major US-based IT firms had registered in April with a total project cost of Php68.3 million. These firms are Cevera Technology Group and Vision X Philippines, which will both locate at the RCBC Plaza in Makati City.

Meanwhile, IT investments in April in terms of project cost, dropped by 49.3 percent with only PhP68.3 million from last year's PhP102 million, which also involved two registered enterprises.