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President Ferdinand Marcos, Jr proclaimed 3 new ecozones on July 25
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They are located in Naga, Bacolod, and Dumaguete cities
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The new ecozones are expected to bring in P750.381 million in investments
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The Philippine Economic Zone Authority approved 332% more investments from Jan-July 2023 compared to the same period last year
President Ferdinand Marcos, Jr. proclaimed three new economic zones outside of the National Capital Region, according to the Philippine Economic Zone Authority (PEZA).
Proclamation Nos. (PNs) 299, 300 and 303, signed on July 25, approved the creation of economic zones in Naga City, Bacolod City and Dumaguete City.
The ecozones are expected to bring in P750.381 million in investments, PEZA said.
PN 299 designated several parcels of land in Barangay Carolina, Naga City, to be known as Naga City Industrial Park, while PNs 300 and 303 designated buildings as IT (Information Technology) Centers in Brgy. Mandalangan, Bacolod City, to be known as Lopue’s Mandalangan IT Center, and in Brgy. Piapi, Dumaguete City, to be known as Marina Town Dumaguete.
PEZA director general Tereso Panga said, “We remain on track with our goal of establishing at least 30 ecozones every year that create centers of economic progress outside the [NCR] to spur countryside development.”
As of this writing, there are a total of six PEZA ecozones pending proclamation by the President. These ecozones will be developed in Parañaque City (two IT Centers), Pasig City (IT Park), Tanza, Cavite (Manufacturing), Ilocos Sur (Manufacturing), and Sarangani Province (Agro-industrial).
The Marcos administration also approved two new ecozones in Batangas Province and Bacolod City last April, which are expected to bring in about P1.641 billion in investments.
Investments up 332%
In a related development, PEZA reported a total of P97.163 billion in investments approved for January-July 2023, a 332% jump from the P22.489 billion investments approved for the same period in 2022.
The PEZA Board approved on July 31 alone a total of P16.578 billion in investments from 15 new and expansion projects, seen to generate US$419.5 million in exports and create 2,983 jobs.
“We are more than encouraged to promote the Philippines to global investors, taking the cue from President Ferdinand R. Marcos Jr. that the best time to invest in the country is now and that we are the best investment destination in the region,” Panga said.
“Among the bright prospects for the Philippines and the ecozones include our 6-7% GDP growth target, our ascension to RCEP (Regional Comprehensive Economic Partnership) and other FTAs (Free Trade Agreements), the 5-15% annual growth target by the industries, Marcos administration’s efforts to increase our credit rating, and our aggressive investment promotions,” the PEZA chief added.
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