P60bn worth of ecozone projects pending in PH provinces
More than P60 billion (approximately US$1.19 billion) worth of economic zone projects in Philippine provinces remain pending and unauthorized by the government, according to a report by BusinessMirror.
Based on the news magazine’s data, the countryside projects approved by the Philippine Economic Zone Authority (PEZA) are still pending as of June 30 because they haven’t received yet a proclamation from the Office of the President.
The majority of these contracts include 32 manufacturing projects amounting to P41.78 billion (approximately US$829.3 million) and 12 IT centers worth P7.81-billion (approximately US$155 million).
Other ongoing foreign ventures comprise two agro-industrial investments worth P50.1 million (approximately US$994,515), four IT parks equivalent to P10.23 billion (approximately US$203 million), and a P802.44 million (approximately US$15.92 million) worth inquiry for tourism-related projects.
In an earlier statement, PEZA Director General Charito Plaza said that the agency is “conducting orientation, identifying public and private lands in the countryside to become different types of ecozones so we can attract and locate different types of industries.”
*Exchange rates as of August 10, 2021
