Philippine Economic Zone Authority (PEZA) Director General Tereso O. Panga remains positive on the increase of economic zones approval during the term of President Ferdinand R. Marcos Jr. as PEZA welcomed on Friday the proclamation of additional three (3) new economic zones.
“We remain committed in our overarching goal of spurring countryside development through the creation of more ecozones seen to facilitate growth and development of our regions and attract new and strategic investments in the country,” expressed Panga.
New proclaimed ecozones
On 25 July 2023, the Office of the President released Proclamation Nos. 299, 300, and 303 which approves the creation of three (3) economic zones in Naga City, Bacolod City, and Dumaguete City.
Proclamation No. 299 designated several parcels of land in Barangay Carolina, Naga City to be known as Naga City Industrial Park while Proclamation Nos. 300 and 303 designated buildings as IT Centers in Barangay Mandalangan, Bacolod City to be known as Lopue’s Mandalangan IT Center and in Barangay Piapi, Dumaguete City to be known as Marina Town Dumaguete.
The Marcos Administration also approved last April two (2) new economic zones in Batangas Province and Bacolod City. These ecozones are expected to bring in about Php 1.641 billion investments.
Panga expressed, “We remain on track with our goal of establishing at least thirty ecozones every year that create centers of economic progress outside the National Capital Region (NCR) to spur countryside development.”
To date, there are a total of six (6) PEZA ecozones pending for proclamation by the President. These ecozones will be developed in Parañaque City (IT Center), Pasig City (IT Center), Tanza, Cavite (Manufacturing), Ilocos Sur (Manufacturing), and Sarangani Province (Agro-industrial).
July Board Approvals
In addition to this, the PEZA Board approved last July 31 a total of Php 16.578 Billion investments coming from 15 new and expansion projects and is expected to generate US$ 419.5 Million in exports and create 2,983 jobs.
This brings PEZA’s total for the year to Php 97.163 Billion, a 332.05% increase from the Php 22.489 Billion investments approved in the same period in 2022.
“We are more than encouraged to promote the Philippines to global investors, taking the cue from President Ferdinand R. Marcos Jr. that the best time to invest in the country is now and that we are the best investment destination in the region. Among the bright prospects for the Philippines and the ecozones include our 6-7% GDP growth target, our ascension to RCEP and other FTAs, the 5-15% annual growth target by the industries, Marcos administration’s efforts to increase our credit rating, and our aggressive investment promotions,” stated the PEZA Chief.
He added, “With this, we are strengthening our initiatives to make the Philippines as an enviable investment destination and contribute to the overall goal of the country to graduate to upper middle-income economy by 2025.”
