About P60 billion worth of economic zones and information technology centers are awaiting approval from the Office of the President.
Industry sources said two property consultancy firms expressed concern over the delay in the proclamation of new economic zones.
The proclamation is supposed to be announced by the President.
Sources said while applications were moving, they were not meeting the expectation of investors and the Philippine Economic Zone Authority.
Around 17 to 22 information technology centers are waiting for the presidential proclamation. These IT centers expressed concern that the slow processing of approvals could affect the growth of the IT and BPO industry in the Philippines.
The OP, however, has a standing commitment to speed up the economic zone proclamation.
Sources said new IT center applications were mostly in Metro Manila.
“They cannot do away with Metro Manila as the prime location of most IT locators. They will have to set up their main branch in Manila and expand in the provinces as their redundant sites,” sources said.