MANILA – The Philippine Economic Zone Authority (PEZA) reported Monday that three new economic zones outside Metro Manila were proclaimed by President Ferdinand R. Marcos Jr. in July, which are expected to create more opportunities in the countryside.
In a statement, the PEZA said these were declared as additional ecozones last July 25.
These new ecozones include Naga City Industrial Park in Carolina, Naga City; Loupe’s Mandalagan IT Center in Mandalagan, Bacolod City; and Marina Town Dumaguete in Piapi, Dumaguete City.
“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,” PEZA Director General Tereso Panga said.
He said the investment promotion agency remains on track with its goal of establishing at least 30 ecozones every year to spur economic development in the countryside.
The PEZA said there are also six more PEZA ecozones pending for proclamation by the Chief Executive, which include information technology (IT) centers in Parañaque City and Pasig City; manufacturing ecozones in Tanza, Cavite and Ilocos Sur; and an agro-industrial ecozone in Sarangani province.
Also last month, the PEZA approved PHP16.58 billion worth of investments from 15 new and expansion projects.
These projects are expected to add USD419.5 million in export revenues and create 2,983 jobs in the country.
With the new approvals in July, investment pledges in PEZA for the past seven months surged by 332 percent to PHP97.16 billion from PHP22.49 billion 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,” Panga said.
“Among the bright prospects for the Philippines and the ecozones include our 6 to 7 percent GDP (gross domestic product) growth target, our ascension to RCEP (Regional Comprehensive Economic Partnership) and other FTAs (free trade agreements), the 5 to 15 percent annual growth target by the industries, Marcos administration’s efforts to increase our credit rating, and our aggressive investment promotions,” he added. (PNA)
