Saturday , June 23, 2018

Peza mulls turning some islands to economic zones

THE Philippine Economic Zone Authority (Peza) is looking into developing some islands into themed economic zones.

"One of the idle lands are the islands. We are trying to be creative by creating a new type of economic zones called island cities," said Peza Director Brigadier General Charito Plaza, during a press conference at the launch of the Peza Davao Invesment and Business Center at the Damosa IT Park on Friday, September 22.

She said they are looking into having the island theme after capital cities around the world like Beijing, China; Tokyo, Japan; or Seoul, Korea.

"Peza's vision is to invite investors to build a city in one island. Every capital city of the world will have an island," Plaza said.

She said they are currently inviting investors to the Philippines to check some of the islands that can potentially be the location of an island city.

Plaza said it is up to the investor of the island on how they will go about the concept of the island city. For example, a Japanese investor can have a Japanese-themed island city with Japanese companies or it can also be open to all companies.

She said the island cities can also be a tourism destination as it can be a location for retirement villages, theme parks, and resorts.

"We are already marketing it. There are already investors who are interested and excited with the concept," Plaza said.

She said Peza targets to convert idle lands into economic zones in a bid to boost the development throughout the country.