Peza, NDC ink registration for P300-M Cavite industrial estate

The Philippine Economic Zone Authority (Peza) on Saturday said it had signed last Jan. 28 the registration agreement with the National Development Co. (NDC) for the latter’s planned industrial estate in Dasmariñas, Cavite.

“With NDC being the country’s leading state-owned enterprise investing in diverse industries, we can effectively serve as a catalyst for inclusive growth and ultimately advance our ecozone development program,” Peza Director General Tereso Panga said in a statement.

According to Peza, the new economic zone is already set to accommodate three companies.

READ: Peza records P30.16B worth of investments in January

Locators

One of these firms is engaged in the production of soap and other detergents, while the other two are engaged in the businesses of renewable energy and customs electronics manufacturing.

President Marcos signed Proclamation No. 677 on Aug. 29 last year, officially designating more than 191,000 square meters of land for the NDC Industrial Estate.

The planned economic hub has an estimated project cost of P343 million, according to Peza.

This year, Peza is targeting to have 30 new economic zones open in the country to drive economic growth.

A total of 27 new economic zones or expansions have been proclaimed so far under the Marcos administration.

To date, there are 427 operating economic zones in various locations across the Philippines that are housing facilities of both local and foreign investors.

Businesses registered with Peza enjoy fiscal and nonfiscal incentives, including income tax holidays, special corporate income tax rates and zero value-added tax rate, among others. —Alden M. Monzon