The Philippine Economic Zone Authority is optimistic that the remaining 27 new economic zone development proposals will be approved and proclaimed by Malacañang before end-2023 with initial investment value of over P40 billion.
PEZA director general Tereso Panga said over the weekend the P20 billion Felcris Centrale IT Park in Davao City and 19 more projects are still for review by the Office of the President with combined investments of P20 billion.
“The President instructed the DTI (Department of Trade and Industry), PEZA and OP-DESGA (OP-Deputy Executive Secretary for General Administration) to streamline and harmonize the requirements to speed up the presidential proclamation process for ecozones,” he said.
The PEZA board has approved the revised guidelines for registration of ecozones including endorsements to the Office of the Secretary at the DTI and OP for the proclamation, he said.
The remaining ecozone development projects are IT parks which are not yet for endorsement to the OP but have submitted their proposal to PEZA. The projects will still undergo assessment by the PEZA board.
PEZA approved P80.58 billion worth of projects In the first half of 2023, up 258 percent from P22.48 billion during the same period in 2022.
The premier investment promotion agency said PEZA investments grew by 232.81 percent to P198.79 billion during the first year of the Marcos Administration from July 2022 to June 2023 compared to P58.73 billion a year ago.
PEZA is ramping up its investment promotion and facilitation initiatives to bring in much-needed FDIs to the country.
This is ahead of the anticipated influx of investors to the country as PEZA conducts follow-through on the outbound missions initiated by the President.
“This June, PEZA welcomed several French, Czech, and Dongguan delegations to the Philippines and facilitated the learning visit and study tour of the Ugandan and Papua New Guinean delegation. PEZA likewise received delegations from China, Taiwan, and Japan in the first semester of the year,” Panga said.
PEZA is also collaborating with different government agencies for the utilization of public lands for ecozone development.
“With the inclusion of the ecozone development program in the country’s medium-term plan (2023- 2028), we aim to develop more ecozones in rural and new growth areas and introduce new frontiers catering to emerging and niche industries,” Panga said.