The Philippine Economic Zone Authority approved Philstar Marketing Development, Inc.’s registration as developer/operator of First Bulacan Business Park, the authority’s first pharmaceutical economic zone
Located in Malolos, Bulacan, FBBP is the first mixed-use ecozone in the province that will host pharmaceutical and support information technology companies and export-oriented industries
PEZA said it also looking to explore new types of ecozones, including biomedical innovative centers, to host leading biotechnology companies and Philippine startups
The Philippine Economic Zone Authority (PEZA) has officially approved Philstar Marketing Development, Inc.’s registration as a developer/operator of First Bulacan Business Park (FBBP), the authority’s first pharmaceutical economic zone.
Located in Malolos, Bulacan, FBBP is the first mixed-use ecozone in the province that will host pharmaceutical and support information technology companies and export-oriented industries.
FBBP last January 11 was granted the status of special economic zone under Proclamation No. 1070; its PEZA Registration Agreement was signed on January 27.
FBBP plans to adopt smart technologies and renewable source of power inside the ecozone to meet locator companies’ demand for a sustainable business environment, PEZA said in a statement.
The investments promotions authority noted that FBBP provides a redundant site outside National Capital Region in support of the business continuity objective of pharmaceutical companies which are mostly located in Metro Manila.
The new ecozone is in close proximity to the proposed Manila International Airport to be located in Bulakan, Bulacan.
Bulacan governor Daniel Fernando manifested his full support to FBBP, dubbed “The Pharma Park of the North.”
PEZA director general Charito Plaza in a statement said the proclamation of FBBP as a special ecozone “will surely spur pharma-related research, manufacturing, and tourism in the country especially with the COVID-19 global pandemic.”
Plaza said PEZA will continue to attract investors that will put up pharmaceutical ecozones to make the country “self-reliant, self-sustaining, and resource-generating in terms of producing our own medicines, medical equipment and supplies.”
With the COVID-19 pandemic reaffirming the need for investments in healthcare, pharmaceuticals, and biotechnology, PEZA said it also looking to explore new types of ecozones such as biomedical innovative centers to host leading biotechnology companies and Philippine startups.
PEZA said this will be in the mold of Japan’s Kobe Biomedical Innovation Cluster, which offers a platform for networking businesses and institutes to pursue innovative collaboration and groundbreaking discoveries in the medical, pharmaceutical, and biological fields, including medical device and regenerative medical fields.
Plaza said the creation of pharmaceutical ecozones in the country will be officially included as one of the types of economic zones created by PEZA.
The creation of different types of economic zones is part of PEZA’s 10-point program and special projects, which has been adapted by PEZA as its transformational roadmap for the next 25 years.
The roadmap aims to fully industrialize the country and make it an investment haven in Asia. The roadmap also seeks not only to promote investments in economic zones, but address efficiency factors that expanding multinational companies consider in making investment decisions.