The Philippine Economic Zone Authority (Peza) on Wednesday lauded the inclusion of economic zones in the Philippine Development Plan (PDP) 2023 to 2028, saying this would benefit the countryside.
Peza Officer-in-Charge and Director General Tereso Panga said this move would solidify the strategic role of economic zones in the country’s economic progress as mentioned by President Marcos Jr. in his first State of the Nation Address last year.
“As we welcome the new year, we in Peza are preparing more initiatives and synergy with other government agencies to strengthen the country’s economic zones in line with the PDP of (the Marcos) administration in the next five years. With the inclusion of the ecozone development program, we are positive that more ecozones will be approved and created especially in the countryside,” Panga said.
The Peza official said they have lobbied for its inclusion in the PDP at the National Economic and Development Authority, noting it had been forgotten and excluded during the previous administration.
Panga said strengthening the country’s economic zone development initiatives is a must, noting this would serve as a catalyst for the country’s growth.
“Ecozones can be [a] shield to soften the landing of headwinds, 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,” Panga said.
Under the PDP, Peza is tasked to expedite the implementation of the ecozone transformation road map, a plan to expand the different types of special economic zones that can be registered under the investment promotion agency.
Peza previously identified at least 13 new types of economic zones that it wants to promote going forward. These include, among others, aerotropolis, agro-forestry economic zones, aquamarine parks, biotech centers, defense industrial complexes, e-commerce zones, halal and food production hubs and jewelry parks.
Furthermore, Peza said the move to amend the 27-year-old Peza Law and the promotion of co-location of industry and services would be part of the initiatives.
Peza has called for changes within the investment promotion agency, including reforms to the incentives system to make the country’s economic zones more attractive to investors.