NEWLY APPROVED economic zones (ecozones) are expected to generate P3.2 billion in investments, according to the Philippine Economic Zone Authority (PEZA).

PEZA Director-General Tereso O. Panga said in a statement on Wednesday that the economic zones, which have an estimated cost of P3.2 billion, are expected to facilitate growth and development in the countryside and attract new locators.

“As a medium-term strategy under the Philippine Development Plan, the ecozones will play a vital role in attracting the much-needed investments in the country, generating more jobs for Filipinos, and contributing to accelerating the nation’s socioeconomic progress,” he said.

“For the first half of the year, President Ferdinand R. Marcos, Jr. approved four ecozones — two expansions of a manufacturing zone in Batangas and two new IT (information technology) parks in Tagbilaran City and Bacolod City,” he added.

The expansion of the Aboitiz-led Lima Technology Center has an estimated project cost of P1.4 billion. This is expected to add 42.72 hectares to the ecozone located in Lipa and Malvar, Batangas.

“These expansions are expected to further amplify Aboitiz InfraCapital’s contributions and better enable PEZA to execute its commitment to sustainable economic progress and national development,” PEZA said.

Megaworld is also developing an IT Park, to be called The Upper East, in Bacolod City. Spanning 33.96 hectares, the project involves the construction of two IT buildings, which have a projected cost of about P1.6 billion.

“Five information technology and business process management (IT-BPM) companies are expected to operate in the park, creating over 2,500 local jobs,” PEZA said.

“The development of this IT park solidifies the position of Bacolod City as an emerging IT-BPM hub in the country and will further create opportunities for innovation and development,” it added.

Meanwhile, Mr. Marcos also issued a proclamation for an IT park, covering about 11,237 square meters, in Tagbilaran.

The Tagbilaran Uptown IT Hub 2 has a projected cost of over P200 million and is expected to attract more IT-BPM locators to Bohol.

“A prospective locator has already expressed interest in investing upwards of P70 million and hiring over 500 Filipinos,” PEZA said.

Under the current administration, a total of 32 ecozones have been proclaimed, which have P13.406 billion in committed investments.

This year, PEZA is targeting the approval and proclamation of at least 30 ecozones, particularly in Central Luzon, Cebu, and Mindanao.

“PEZA is also working to establish the Palawan Mega Ecozone — the first of its kind in the country — and the Pantao Ecozone, eyed as the fifth public ecozone, both targeted for proclamation within the current administration,” PEZA said.

Citing the latest report from the Philippine Statistics Authority, the investment promotion agency said that the majority of the top local government units outside Metro Manila in terms of economic contribution and foreign investment flows are home to ecozones.

“PEZA continues to engage with local governments and developers in advancing ecozone development in the country,” Mr. Panga said. — Justine Irish D. Tabile