September 9, 2024 | 12:00am
MANILA, Philippines — Six economic zones with a combined cost of over P5 billion are awaiting proclamation by the Office of the President, according to the Philippine Economic Zone Authority.
The PEZA said two of these ecozones will be located in Cavite, while Pampanga, Tarlac, Ilocos Sur and Cebu will get one each.
Of these six ecozones, one is an information technology park, three are for manufacturing zones and two are for the expansion of existing manufacturing zones.
For this year, the Office of the President has proclaimed 11 ecozones with investments amounting to over P2 billion.
This brings the total ecozones proclaimed under the Marcos administration to 22, with initial investments totaling more than P5 billion.
Under the Philippine Development Plan 2023 to 2028, which serves as the country’s overall development blueprint, the PEZA is tasked to expedite the implementation of the ecozone transformation roadmap.
The roadmap involves expanding the types of special economic zones that can be registered with the investment promotion agency.
The PEZA is pushing for the development of ecozones to spur growth and development, particularly outside the National Capital Region.
As of June this year, PEZA manages 427 operating economic zones hosting 4,382 locator companies.
From January until Aug. 7 of this year, investments approved by the PEZA reached P54.716 billion.
These investments are for 144 projects, with projected exports worth $1.875 billion and 29,524 jobs.
The PEZA is aiming to approve P200 billion to P250 billion worth of investments this year.
Last year, the PEZA’s total investment approvals amounted to P175.7 billion.
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