Newly proclaimed ecozones in Iloilo, Batangas valued at P1.05 billion — PEZA
THE Philippine Economic Zone Authority (PEZA) said that the recently proclaimed economic zones by President Ferdinand R. Marcos, Jr. will involve combined investment of over P1 billion.
In a statement on Tuesday, PEZA said that Proclamation Nos. 668 and 670 will result in the creation of an IT (information technology) center in Iloilo and the expansion of the LIMA Technology Center in Batangas, respectively.
“In collaboration with other government agencies and industry partners, PEZA furthers its commitment in eco-zoning the Philippines towards inclusive and sustainable development,” said PEZA Director General Tereso O. Panga.
The first proclamation designated a 200-square-meter site in Iloilo as the Grid IT Center. It involved an initial investment of P193 million and was completed in 2019.
“The new ecozone already expects three companies engaged in the IT-business process management sector to locate, with an estimated P10 million to be invested and 250 workers to be employed,” PEZA said.
Meanwhile, the second proclamation designated an additional 31.35 hectares as the expansion site for LIMA Technology Center. It cost P856 million and is expected to be completed by the first quarter.
“This expansion is expected to further amplify Aboitiz InfraCapital, Inc.’s contributions and better enable PEZA to execute its commitment to sustainable economic progress and national development,” the investment promotion agency said.
According to PEZA, LIMA Technology Center currently hosts 169 locators who invested P100 billion, creating 65,000 jobs.
In a separate statement, PEZA said it signed a memorandum of cooperation and understanding with the Philippine Guarantee Corp. (Philguarantee) on Monday to help facilitate access to financing for investors.
“This allows for more businesses, especially investors and small and medium enterprises, to find greater opportunities in securing financing and managing risks for their operations,” PEZA said.
“Through these efforts, our organization is committed to supporting industrial and economic growth while ensuring a thriving integrated business ecosystem,” Philguarantee President and Chief Executive Officer Alberto E. Pascual said.
“We are bullish that the integration of PEZA’s investment promotion strategies and digitalization initiatives with Philguarantee’s financial security mechanisms will lead to a stronger and more dynamic business environment,” Mr. Panga said. — Justine Irish D. Tabile