The Philippine Economic Zone Authority (PEZA) said it entered into a partnership with the Southern Philippines Development Authority (SPDA) to develop special economic zones in Lanao del Sur.
In statement, PEZA said that the memorandum of understanding they signed last week approves the creation of economic zones in the province, as well as an agro-industrial development on a 24,000-hectare site in the municipalities of Wao and Bumbaran.
PEZA Director-General Charito Plaza said the creation of ecozones will help local governments industrialize their jurisdictions, transfer technology, develop land, and create jobs.
“We must replicate this in the whole of the Philippines to attain the total development of the country. We must use this time as an opportunity to grow and develop an export and production-driven economy rather than being import and consumption-dependent, which we are now, and a self-reliant, self-sustaining and revenue-generating country,” Plaza said.