A DOZEN new economic zones approved this year are expected to attract P6.4 billion worth of investment, including seven new zones proclaimed in the last month.
The Philippine Economic Zone Authority (PEZA) said in a statement Wednesday that President Rodrigo R. Duterte signed the proclamation of seven new ecozones starting May 5.
The ecozones include nine information technology (IT) centers, two manufacturing ecozones, and one IT park.
Eight ecozones are in Luzon, while four are in the Visayas and Mindanao.
PEZA did not provide detailed comparative data for recent years, but said that 73 ecozones generating P88.3 billion in investment were approved since 2016.
PEZA Director-General Charito B. Plaza is urging the government to improve fiscal and non-fiscal incentives to support public works, information technology infrastructure, and logistics and transportation hubs.
She requested training programs for workers to match the manpower needs of investors.
“Once these efficiency factors are addressed, it will lower the cost of doing business and will make the country an investment haven in Asia. This will likewise attract more export-oriented industries to the Philippines that would triple the economic gains and inject more investment,” she said.
PEZA manages 408 ecozones, with 4,542 locator companies directly employing 1.6 million workers. — Jenina P. Ibañez
