The Philippine Economic Zone Authority expects investment pledges to rise 10 percent in 2023 to about P155 billion from P140.7 billion in 2022.
Last year’s biggest investments came from 29 economic zone developments with combined value of P96.21 billion.
PEZA said 11 of the ecozone projects were registered in the first six months of the Marcos administration (July to December), with investments of P90.65 billion and accounting for 94 percent of the total ecozone investments in 2022.
The largest committed investment is the P81.6-billion mixed-used special economic zone for manufacturing and tourism which will rise in Pangasinan province.
PEZA officer-in-charge Tereso Panga said the agency was looking forward to doing its part in developing the country’s export potential after its inclusion in the new Philippine Development Plan.
“This solidifies the strategic role of economic zones in the country’s economic progress as mentioned in the first State of the Nation Address of the President. PEZA is preparing more initiatives and synergy with other government agencies to strengthen the country’s economic zones in line with the 2023 to 2028 PDP,” he said Wednesday.
Panga said the inclusion of PEZA in the economic development program will enable more ecozones to be approved and created in the countryside. He said PEZA had lobbied for the inclusion of economic zones in the new PDP through the National Economic Development Authority.
“Ecozones can be shields to soften the landing of the headwinds, the external constraints and all these global disruptions happening especially during this time. The other side to this is that ecozones can be economic drivers to accelerate economic recovery and growth,” he said.
Under the six-year PDP, PEZA is tasked to expedite the implementation of the ecozone transformation roadmap, expanding to different types of special economic zone under PEZA. These include the new frontiers for ecozone development which PEZA has been advocating as a catalyst for growth and development.
“With our enhanced investment laws and strengthened ecozone development programs, we remain bullish that we will be able to jumpstart the economy and keep up with the strong competition worldwide,” Panga said.