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The Philippine Economic Zone Authority’s economic zone development program has been included in the Philippine Development Plan 2023-2028
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Under the five-year plan, PEZA is tasked to expedite implementation of the ecozone transformation roadmap which expands the types of special economic zones that may be registered under the agency
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The amendment of the 27-year-old PEZA Law and the promotion of co-location of industry and services have also been included in the PDP 2023-2028
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PEZA approved 29 ecozone development projects amounting to P96.21 billion in 2022
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For 2023, the agency is targeting a 10% increase in investments from P140.7 billion in 2022
The Philippine Economic Zone Authority (PEZA) welcomed the inclusion of the economic zone development program in the Philippine Development Plan (PDP) 2023-2028.
The development “solidifies the strategic role of economic zones in the country’s economic progress,” as declared by President Ferdinand Marcos, Jr in his First State of the Nation Address, PEZA Officer-in-Charge Tereso Panga said in a statement.
The inclusion is expected to spur approval of more ecozones, especially in the countryside, he added.
For 2023, PEZA is targeting a 10% increase in investments from P140.7 billion recorded in 2022.
Under the five-year plan, PEZA is tasked to expedite implementation of the ecozone transformation roadmap which expands the different types of special economic zone that may be registered under PEZA, including new frontiers for ecozone development PEZA has been advocating as a catalyst for growth and development.”
The plan said “the creation of ecozones will…maximize investments and promote industrial dispersion especially outside metropolitan areas. Further, the ecozones will be integrated into the local economy by relaxing the requirements, facilitating the free flow of parts, components, and other inputs, and increasing open trade between zone locators and firms outside the zones.”
Aside from ecozone development, the amendment of the 27-year-old PEZA Law and the promotion of co-location of industry and services, including academic institutions through the development of KIST (Knowledge, Innovation, Science, and Technology) parks, have also been included. This is with the view to revitalizing the industry by transforming production sectors that would generate more quality jobs and introduce competitive products.
PEZA is preparing more initiatives with other government agencies to strengthen the country’s economic zones in line with the PDP, Panga said.
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In 2022, PEZA approved a total of 29 ecozone development projects amounting to P96.21 billion, 11 of which were registered during the first six months of the Marcos administration and amounting to P90.65 billion or 94% of the total annual investments.
The largest investment among the projects is a mixed-used special economic zone for manufacturing and tourism to be located in Pangasinan, with a project cost of P81.648 billion.
Of the total approved ecozone projects, 13 were information technology parks and centers; 12 manufacturing ecozones; two in tourism; and one each in agro-industrial and mixed-use for manufacturing and tourism ecozone.
Most projects registered in 2022 will be located in CALABARZON with eight ecozone development projects.
To date, there are a total of 421 PEZA ecozones nationwide hosting 4,346 locator companies and creating 1.8 million direct jobs.
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