The Philippine Economic Zone Authority (PEZA) Board chaired by Department of Trade and Industry (DTI) Secretary Alfredo E. Pascual has prequalified a total of eight (8) big-ticket ecozone development projects amounting to PHP33.002 billion investments for the first half of 2023.
This is equivalent to 579.23% increase from PHP4.858 billion during the same period last year.
These new and expansion ecozones will pass through Fiscal Investments Review Board (FIRB) approval for projects with minimum capital investment of PHP1 billion and Presidential Proclamation as required for the developers’ signing of Registration Agreement (RA) with PEZA.Â
PEZA Director General Tereso O. Panga said, “This uptick in ecozone development investment is crucial as it indicates a growing demand for proclaimed areas, which is further supported by the rise in new and expansion projects.”
The eight (8) approved new and expansion ecozone projects include three (3) manufacturing ecozones, four (4) IT Parks, and one (1) IT Center.
The largest investment among the projects is a manufacturing special economic zone (SEZ) with a project cost of PHP27.178 billion, to be located in Medellin, Cebu and will be known as North Cebu Economic Zone
The two (2) more manufacturing ecozones with a combined project cost of PHP233.260 million, are the expansion projects at Lima Technology Center-SEZ in Malvar, Batangas and at Gateway Business Park-SEZ in General Trias, Cavite .
As for the four (4) new IT Parks with total investments of PHP1.474 billion, three (3) will be situated in Araneta, Quezon City and the other (1) in South Cotabato City.
The (1) IT Center with an investment of PHP4.116 billion will be in Makati City .
These eight (8) prequalified ecozones for the first half this year are part of the 17 new and expansion ecozones greenlighted by PEZA during the first year of the current administration covering the period July 2022 to June 2023.
Now in various stages of development, the 17 projects, with overall investments of PHP122.274, are composed of seven (7) new and expansion manufacturing ecozones, eight (8) IT Parks, an IT Center, and a new agro-industrial ecozone. They will be located in the following Regions: 1 – Ilocos, 3 – Central Luzon, 4A – CALABARZON, 6 – Western Visayas, 12 – SOCCSKARGEN, and National Capital Region (NCR).
Meanwhile, the PEZA Board has approved Resolution No. 23-138 to streamline the ecozone proclamation process, making it easier to do business within the ecozones.
PEZA Director General Panga explained, “As we are now beefing up our Agency to continuously enhance our delivery of services and facilitate faster ecozone proclamations to provide ready-for-occupancy sites for our agile locators, it is high time for PEZA to amend its guidelines for a simplified application, proclamation, and registration process for new and expanding ecozone developer/operator projects.”
Director General Panga expressed optimism that by passing this resolution, more economic zones could be established, especially in rural areas. He added this will effectively make the Philippines ready to accept more investments from global market players, and ultimately, increase exports, create more job opportunities, and hasten countryside development for the foreseeable future.
