NEW CAVITE ECOZONE SEEN LURING P 1.8B IN VENTURES

The newly proclaimed economic zone in Cavite is expected to attract more than P1.8 billion in new investments along with nearly 200 new jobs during its construction, the Philippine Economic Zone Authority (Peza) said last week.

The investment promotion agency told the Inquirer that the prospective value of investments is P1.838 billion for the 40.4-hectare (ha) MetroCas Industrial Estates Special Economic Zone, which will rise in Barangay Calibuyo in Tanza, Cavite.

Peza added that the economic zone is expected to generate 180 new jobs during construction.

The MetroCas ecozone is one of the two new special economic zones declared through Proclamation No. 512, which Executive Secretary Lucas Bersamin signed last April 1.

The other one is the Arcovia City in Barangay Ugong, Pasig, a 12.4-ha information technology park of tycoon Andrew Tan’s Megaworld Corp.

According to Peza, an investment of P50 million is expected on the fit out of the project, while about 170 to 240 direct jobs are anticipated from the development.

To date, there are over 420 economic zones operating in the Philippines, majority of which are located in Luzon.

During the first quarter of this year, Peza has approved P14.95 billion worth of new investments spanning 50 new and expansion projects inside these economic hubs.

Peza’s first quarter portfolio is 19.25 percent higher compared with the P12.54 worth of projects approved in the same period in 2023.

The investment promotion agency is aiming to reach P250 billion in approved investments for 2024.