PEZA takes key PDP role

This solidifies the strategic role of economic zones in the country’s economic progress

The investment promotion agency Philippine Economic Zone Authority plays a critical role under the Philippine Development Plan 2023 to 2028 as the President has included an economic zone development program under the roadmap.

“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 PBBM 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,” Tereso Panga, the officer-in-charge of PEZA, said.

He thanked the President for including the economic zone development program in the PDP 2023-2028.

“This solidifies the strategic role of economic zones in the country’s economic progress as mentioned in the 1st State of the Nation Address of PBBM,” he said.

Ecozones expansion eyed

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, which includes the new frontiers for ecozone development which PEZA has been advocating as a catalyst for growth and development.

According to the plan, “the creation of ecozones will… maximize investments and promote industrial dispersion, especially outside metropolitan areas.

Moreover, “the ecozones will be integrated into the local economy by relaxing the requirements, facilitating the free flow of parts, components, and other inputs, and increasing open trade between zone locators and firms outside the zones.”

Aside from the ecozone development, the amendment of the 27-year-old PEZA Law and the promotion of co-location of industry and services, including academic institutions through the development of KIST parks have also been included as initiatives to revitalize the industry by transforming production sectors to generate more quality jobs and competitive products.

Necessary growth engines

Panga said they have lobbied through NEDA to include economic zones in the PDP as it was overlooked in the previous administration.

“Strengthening our ecozone development initiatives is a must as this will serve as a catalyst for growth in the country,” he said.