THE Philippine Economic Zone Authority (Peza) Board has approved P102.227 million worth of investments for Cebu during its meeting on Jan. 26, 2023.
Data obtained from Peza showed that it approved one export manufacturing enterprise and one ecozone information technology (IT) enterprise. The former will be located in the Mactan Economic Zone in Lapu-Lapu City while the latter will be located in the Cebu Business Park in Cebu City.
Peza officer-in-charge Tereso Panga said the Board approved in January a total of 19 new and expansion projects of ecozone locators and developer/operators expected to bring in P6.393 billion in investments. This is 83.69 percent higher compared to the P3.48 billion in investments approved in the same period last year.
Of the P6.393 billion in total investments, P2.277 billion was approved for the 18 new and expansion projects of registered locator companies – 11 for export manufacturing enterprises, four for facilities enterprise, two for IT enterprise and one for domestic market enterprise.
Meanwhile, one ecozone development project was approved and is expected to bring P4.116 billion in investments.
Besides Cebu, these projects will be in Makati City, Pasay City, Calabarzon and South Cotabato.
“With the positive start of the year, we are bullish with our outlook this year, targeting a 10 percent investment growth based on the initial locator sector targets,” said Panga.
Awaiting presidential proclamation
Meanwhile, Peza said there are three approved ecozones to be developed in Cebu that await presidential proclamation.
Two of these are manufacturing ecozones to be located in Barangay Dumlog, Toledo City and in Barangays Arpili and Buanoy in Balamban. One IT Park will be located on Golam Drive, Pope John Paul II Ave., Barangay Kasambangan, Cebu City.
Moreover, Peza vows to strengthen the implementation of the ecozone development program with the launch of the new Philippine Development Plan 2023-2028 last Jan. 30.
“With the inclusion of the ecozone development program in the new Philippine Development Plan (PDP), we are positive that more ecozones will be approved and created, especially in the countryside,” Panga said.
“Ecozones can be shields to soften the landing of the headwinds, the external constraints and all these global disruptions happening, especially during this time. The other side to this is that ecozones can be economic drivers to accelerate economic recovery and growth,” he explained.
Under the PDP 2023-2028, Peza is tasked to expedite the implementation of the ecozone transformation roadmap which expands the different types of special economic zone registrable under Peza. This includes the new frontiers for ecozone development which the agency has been advocating as a catalyst for growth and development.
For 2023, Peza is targeting a 10 percent increase in investments, which is higher than the P140.7 billion in investments recorded for January to December 2022 — which was a 103.03 increase compared to the same period in 2021.