The Philippine Economic Zone Authority (PEZA) announced that President Ferdinand R. Marcos Jr. has declared two new economic zones located in Batangas province and Bacolod City, which are expected to bring in a total of PHP 1.64 billion (USD 29.3 million) worth of investments.
The ecozones are the Robinsons Cyberpark Bacolod which is an information technology (IT) park in Banago, Bacolod City while the other is the Lima Technology Center – Special Economic Zone in Malvar, Batangas.
The IT Park in Bacolod has PHP 777.35 million (USD 13.9 million) in projected investment, while the expansion of the Lima Technology Center amounted to PHP 864.22 million (USD 15.5 million). These two economic zones are projected to bolster and spread economic growth outside the National Capital Region (NCR).
Furthermore, 20 ecozone projects consisting of 11 IT centers, eight manufacturing ecozones, and one agro-industrial ecozone are awaiting the President’s approval. PEZA has a 10% growth target for 2023 and this remains on track as they establish at least 30 ecozones every year. PEZA reiterated that the Marcos administration sees ecozones as catalysts for inclusive growth that are expected to generate jobs, especially in rural areas.
(Source: Philippine News Agency)