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The Philippine Economic Zone Authority prequalified eight big-ticket ecozone projects in the first half
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The projects are expected to bring in investments of P33 billion
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They consist of manufacturing ecozones and IT centers/parks
THE Philippine Economic Zone Authority (PEZA) Board has prequalified eight big-ticket ecozone development projects in the first half of 2023 expected to bring in investments of P33.002 billion.
Included in the approved new and expansion ecozone projects are three manufacturing ecozones, one IT (Information Technology) center, and four IT parks.
The largest is a manufacturing special economic zone (SEZ) which will be located in Medellin, Cebu to be known as the North Cebu Economic Zone, with a project cost of P27.178 billion.
Also included are two more manufacturing ecozones: the expansion projects in Lima Technology Center-SEZ in Malvar, Batangas and in Gateway Business Park-SEZ, in General Trias, Cavite with a total project cost of P233.260 million.
Of the four new IT parks with total investments of P1.474 billion, three will be located in Araneta City, Quezon City and one in South Cotabato City.
The IT center in Makati, on the other hand, has an investment of P4.116 billion.
“We’re thrilled to announce that our ecozone development projects have seen a significant increase in investment from January to June 2023. In comparison to last year’s figures of P4.858 billion worth of investments during the same period, we’ve experienced a 579.23% jump to P33.002 billion,” PEZA Director General Tereso O. Panga said in a statement.
“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,” added Panga.
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The new as well as expanded ecozones will require Fiscal Incentives Review Board approval for projects with a minimum capital investment of P1 billion and Presidential Proclamation as required for the developers’ signing of the Registration Agreement with PEZA.
Meanwhile, during the first year of President Ferdinand R. Marcos Jr.’s administration, the PEZA Board has greenlighted 17 ecozone development projects with a total investment of P122.274 billion.
The projects are part of the 17 new and expansion ecozones approved during the one-year coverage of the Marcos administration and are in various stages of development.
