August 19, 2025 | 12:00am
MANILA, Philippines — The Philippine Financial Zone Authority (PEZA) expects as much as 30 new financial zones to be proclaimed inside the 12 months.
“In case you discover recently, there are quite a lot of proclamations popping out. Twenty to 30 is our formidable goal (for the 12 months),” PEZA director common Tereso Panga advised reporters.
He stated the Palawan Mega Ecozone is ready to be endorsed for proclamation of the Workplace of the President inside this month or by subsequent month.
To be undertaken with the Bureau of Corrections, the undertaking will cowl 28,000 hectares within the Iwahig Jail colony beside Puerto Princesa Metropolis.
An preliminary 4,000 hectares has been transferred to PEZA for the primary section of conversion.
Panga stated the PEZA is taking a look at growing the ecozone by means of a public-private partnership.
“So we’ll provide the land as our fairness and produce within the builders to place in cash, to place in all of the facilities and amenities,” he stated.
Panga stated the plan is to have an ecozone that may be cut up into packets of growth to cater to agro-processing firms that may want processing vegetation and their very own plantations.
He additionally stated a pharmaceutical ecozone is being developed by Lloyd Laboratories Inc. with a US agency for the manufacture of medicines.
“So that they’re now complying with the necessities for presidential proclamation,” he stated.
Underneath the Philippine Growth Plan, ecozones are seen to play an important position in attracting investments within the nation.
For PEZA, the creation of extra ecozones will assist spur development and growth within the areas and create jobs.