6 new ecozones with initial P5-B project cost await proclamation

Manila: The Philippine Economic Zone Authority (PEZA) said six new economic zones with initial project costs of over PHP5 billion are awaiting presidential proclamations.

The ecozones are two in Cavite province and one each in the provinces of Pampanga, Tarlac, Ilocos Sur, and Cebu, PEZA said in a statement Sunday.

The planned economic zones include an Infornation Technology Park, three manufacturing zones, and two expansion of existing manufacturing zones.

Data from PEZA showed that the Marcos administration has already proclaimed 22 ecozones, which injected initial investments totaling over PHP5 billion.

This year alone, 11 ecozones, including new and for expansio, were proclaimed by President Ferdinand R. Marcos Jr. with over PHP2 billion worth of initial investments.

As of June 2024, PEZA manages a total of 427 economic zones nationwide that are home to 4,382 locator companies.

According to Republic Act 7916 or the Special Economic Zone Act of 1995, special economic zones are selected areas with hig
hly developed or have the potential to be developed into agro-industrial, industrial tourist/recreational, commercial, banking, investment and financial centers.

Areas may be established as ecozones in a proclamation to be issued by the President and subject to the evaluation and recommendation of the PEZA based on a detailed feasibility and engineering study.

Source: Philippines News agency