outbrain
Close  

Palace approves 12 new ecozones

/ 05:10 AM June 11, 2020

Malacañang has approved a dozen new economic zones worth P6.4 billion in the middle of a pandemic, according to data from the Philippine Economic Zone Authority (Peza).

Peza Director General Charito Plaza said in a statement on Wednesday that the 12 ecozones that were approved from January to early June this year would host manufacturers and business process outsourcing firms that were eligible for tax incentives.

ADVERTISEMENT

“Peza is grateful to the President for his wise approval for the proclamation of new ecozones in the country amidst the COVID-19 pandemic. Once export companies invest in these newly proclaimed ecozones, these will surely multiply investments and economic activities and opportunities in the Philippines,” she said.

Of the 12, nine are information technology (IT) centers, one IT park and two manufacturing ecozones. Peza said 67 percent of the new ecozones would be in Luzon, while 33 percent would be in Visayas and Mindanao.

FEATURED STORIES

Economic zones need to get Presidential proclamation before their locators could be eligible for tax incentives.

When asked for data on the backlog, Plaza said there were 63 ecozone proposals that were pending as of early June.

Together, they represent P70.8 billion worth of investments.

Plaza said in a Viber message that the Office of the President cited certain deficiencies in some of the applications that were jointly endorsed by he Department of Trade and Industry and the Peza.

There are hundreds of economic zones in the country. As of May, they house a total of 4,542 companies, which directly and indirectly employ 6.5 million Filipino workers.

ADVERTISEMENT
Subscribe to Inquirer Business Newsletter
Read Next
EDITORS' PICK
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: economic zones, Peza Director General Charito Plaza, Philippine Economic Zone Authority (Peza)
For feedback, complaints, or inquiries, contact us.


© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.