PEZA, BOI urged to expedite pharmaceutical zones
Senator Francis Tolentino filed Senate Resolution 580, which urges the Philippine Economic Zone Authority (Peza) and Board of Investments (BoI) to expedite the establishment of pharmaceutical manufacturing zones in the country.
This is to further develop the country’s medical industry to spur investments, facilitate access to innovator drugs for critical illnesses at affordable prices, and fast-track socio-economic growth.
Tolentino cited a study conducted by the Philippine Institute for Development Studies (PIDS) which said that the Philippines is one of the biggest pharmaceutical markets in Southeast Asia, next only to Indonesia and Thailand.
As of 2012, the National Tax Research Center said there were about 50,000 retail outlets and over 60,000 drug distributors nationwide.
