THE Philippine Economic Zone Authority (PEZA) said it registered an economic zone in Quezon Province which is projected to cost P125 billion to develop, adding that the zone is expected to become the country’s largest.

PEZA said in a statement on Thursday that a registration agreement was signed with Achievement Realty Corp. (ARC) Chairman Philip M. Cea on Jan. 31, paving the way for the construction of the Quezon Techno-Industrial Special Economic Zone (QTISEZ) on a 1,836 hectare site in Mauban, Quezon.

“This huge investment ARC has entrusted to PEZA is going to be a historical project because this new economic zone shall come out as… the future biggest economic zone in the Philippines,” PEZA Director General Charito B. Plaza said.

According to Ms. Plaza, the zone will have the first international airport and seaport in that part of Luzon.

“QTISEZ is envisioned to have its own international seaport and international airport with an estimated budget of P25 billion each from the total P125 billion cost of developing the 1,836-hectare special economic zone,” Ms. Plaza said.

“With the P75 billion from the proposed development budget and under this signing, QTISEZ will create 2,000 factories (which will lead to) the creation of more than 200,000 jobs,” she added.

Mr. Cea said around 200 hectares will be dedicated to government offices, residential and commercial districts, and other uses.

He added that preliminary deals have been signed with potential Chinese and South Korean locators, with talks ongoing.

Under Republic Act No. 7916 or the Special Economic Zone Act, PEZA said ARC is entitled to establish, manage, and operate QTISEZ as an economic zone developer.

It added that ARC can construct, operate, and maintain infrastructure facilities, utilities, communication systems, and sewage and drainage systems either on its own or through another company.

Under the law, “(PEZA has) the exclusive power and prerogative to permit, supervise, and control the entry and exit of all goods, machinery, and equipment, merchandise, and article to and from QTISEZ,” the agency said.

“Meanwhile, ARC is responsible for providing security and maintaining peace and order within the QTISEZ and shall pay to PEZA all applicable fees and agrees that PEZA may withhold, suspend, or disapprove permits,” it added. — Revin Mikhael D. Ochave