THE Philippine Economic Zone Authority (PEZA) has announced the creation of six new economic zones (ecozones), which status is up for proclamation by the Office of the President (OP).
Projected to have a combined initial investment exceeding P5 billion, these industrial areas will have two sites in Cavite and one each in Pampanga, Tarlac, Ilocos Sur and Cebu.
The developments consist of one information technology (IT) Park, three manufacturing zones, and two existing manufacturing zones due for expansion. PEZA said that these projects highlight the agency’s continued focus on diversifying and expanding the country’s economic infrastructure.
PEZA Director General Tereso Panga. Photo from Philippine Economic Zone Authority Fb page
This year, the OP has proclaimed 11 more ecozones, including new and expansion projects with initial investments worth over P2 billion. PEZA said these have brought the total number of ecozones under the Marcos Jr. administration to 22, representing over P5 billion in investments.
PEZA Director General Tereso Panga earlier said centers of economic innovation and transformation will solidify the country’s role as a global manufacturing hub, which, in turn, will create more jobs, spur economic growth in the communities around them, and support the administration’s goal of achieving upper-middle income status for the Philippines.
As of June 2024, PEZA has been overseeing 427 active ecozones nationwide, hosting 4,382 locator companies.
Investment pledges in PEZA locators totaled 144 as of August 7, valued at P54.7 billion. Exports from the ecozones’ output are expected to top $1.87 billion and create about 29,524 jobs.
Panga said the increasing number of ecozones signifies the international business community’s trust and confidence in the Philippines’ business environment and economic potential.
Among the country’s regions, Calabarzon has 18 projects set to operate in Laguna, Cavite and Batangas; Central Visayas has four to rise in Cebu; and Central Luzon with two in Bataan.
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