January 31, 2023

Filipino Guardian

Sentinels of Filipino Free Press

PEZA aims to create 13 economic zones


THE PHILIPPINES Economic Zones Authority (PEZA) is seeking approval from Malacañang for the creation of 13 economic zones (ecozones), which are expected to generate nearly P18 billion worth of investments.

“As of October 2022, PEZA currently has 13 outstanding eco-zones which we look forward to the current government proclaiming. One is already assigned to the office of President Ferdinand R. Marcos, Jr., while 12 are assigned to the Department of Trade and Industry (DTI),” Tereso O. Panga, the lead PEZA officer, was quoted in a statement at their meeting on November 9 with the Philippine Ecozones Associations (PHILEA).

Mr. Panga said the 13 pending ecozones are expected to bring in investments of 17.92 billion pesos. These proposed ecozones are all outside of Metro Manila.

“2022 will be an upswing as we got enough big projects to recover and even surpass our 2019 [investment] levels,” Mr. Panga said.

He said the Light Industry and Science Park in Sto. Tomas, Batangas, secured a P3.4 billion data center deal last month.

Mr. Panga added that another major investment is being discussed with Suntrust EcoTown Tanza in Cavite.

Meanwhile, Mr Panga said that PEZA’s investment growth target for 2022 is achievable after “aggressive investment stimulus”.

“The 6-7% PEZA target for 2022 is achievable and we also need to continuously work with other authorities to encourage the creation of more eco-zones, particularly in the countryside and in new growth areas,” he said.

In October, PEZA announced that it approved investments worth 17.14 billion pesos in the third quarter, down 10.46% from the same period last year’s 19.145 billion pesos. — RMDO