December 18, 2024 | 12:00am
MANILA, Philippines — A total of 27 economic zones with investments worth over P9 billion have been proclaimed under the Marcos administration to boost economic growth.
Philippine Economic Zone Authority (PEZA) director general Tereso Panga told reporters that the proclaimed ecozones are worth P9.175 billion.
For this year alone, he said 16 ecozones with investments of P5.637 billion were proclaimed by President Marcos.
Those proclaimed this year include four information technology parks – the Sevina Park Commercial in Laguna, ArcoVia City in Pasig City, Taft East Gate in Cebu and the Tupi IT Park in South Cotabato – as well as IT centers The Grid in Iloilo and Xentromall Antipolo in Rizal.
Also proclaimed were manufacturing ecozones including the MetroCas Industrial Estates in Cavite, Victoria Industrial Park and TARI Estate both in Tarlac, NDC Industrial Estate in Cavite, as well as the expansion of the Gateway Business Park in Cavite and West Cebu Industrial Park in Cebu.
Last year, 11 ecozones with investments worth P3.538 billion were proclaimed by Marcos.
The Philippine Development Plan for 2023 to 2028, which serves as the country’s overall development blueprint, recognizes the important role of ecozones in maximizing investments and promoting development especially outside the metropolitan areas.
“The reinstatement of the ecozone program in the medium-term development plan gives us enough confidence to also reach out to investors to invest in the Philippines,” Panga said.
He said that nine out of the top 10 richest cities or provinces in the country such as Baguio City, Cagayan de Oro City, Lapu-Lapu City, Iloilo City, Bataan, Cebu City, Laguna, Mandaue City and Davao City host ecozones.
“We see a direct correlation – the more ecozones hosted by an LGU (local government unit), the higher the level of progress,” he said.
He said the creation of more ecozones will allow the country to attract more investments.
“It’s so low-hanging as a growth strategy, and we’ve been saying if only we’re able to create more ecozones, this will provide more readily available areas for investors,” he said.
The PEZA expects total approved investments this year to reach P215 billion, the highest in seven years.
Last year, PEZA approved P175.71 billion worth of investments.
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