Philippines launches new ecozones, investments surge 332%
PASAY CITY, PHILIPPINES — The Philippine Economic Zone Authority (PEZA) recently unveiled three new economic zones, reflecting a 332% spike in investment approvals.
Spearheaded by PEZA Director General Tereso Panga, this expansion mirrors President Ferdinand Marcos Jr.’s vision for regional growth and enticing global investments.
On July 25, 2023, proclamations greenlit economic zones in Naga City, Bacolod City, and Dumaguete City. Among these, Bacolod’s “Lopue’s Mandalangan IT Center” and Dumaguete’s “Marina Town Dumaguete” stand out as significant IT Centers.
Panga also emphasized the goal to launch thirty ecozones each year, promoting growth beyond the National Capital Region (NCR). Recently, Batangas and Bacolod gained two more ecozones, set to attract PHP1.641 billion in investments.
PEZA’s July statistics show an investment approval of PHP16.578 billion, targeting US$419.5 million in exports and creating around 3,000 jobs.
With investments surging 332% annually, Panga remains optimistic, saying, “We are strengthening our initiatives to make the Philippines as an enviable investment destination and contribute to the overall goal of the country.”
The Director General expects the Philippines to reach an upper middle-income status by 2025.
