Newly proclaimed ecozones in Batangas, Bacolod expected to generate investment of P1.64 billion

THE Philippine Economic Zone Authority (PEZA) said new economic zones in Batangas and Bacolod City proclaimed by President Ferdinand R. Marcos, Jr. are expected to generate P1.64 billion worth of investment.

“The two economic zones will certainly bolster and spread economic growth outside the National Capital Region,” PEZA Director General Tereso O. Panga said.

The zone in Bacolod is on Lacson Street in the Banago district, and will be known as Robinsons Cyberpark Bacolod. It is expected to attract P777.35 million worth of investment.

It was proclaimed on April 14.

On April 19, the President proclaimed a site in Malvar, Batangas on which will rise the expansion component of Lima Technology Center Special Economic Zone. The expansion is expected to bring in P862.22 million worth of investment.

“With our 10% target growth for 2023, we remain on track in… establishing at least 30 ecozones every year that create centers of economic progress outside the National Capital Region to spur countryside development,” Mr. Panga said.

As of April 19, PEZA has 20 proposed ecozones awaiting proclamation — 11 of which are IT centers, eight manufacturing location, and one agro-industrial site.

Mr. Panga said that the recent zone approvals are needed for “inclusive economic development where thousands of jobs are created in the respective jurisdictions.” — Justine Irish D. Tabile

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The article was originally published in Business World.