NextGen Day

According to its officer-in-charge Tereso Panga, the Philippine Economic Zone Authority (PEZA) aims to rationalize the criteria for economic zone development because it is the only IPA that requires a presidential proclamation for new ecozone projects.

“Because only PEZA goes through a Presidential proclamation process, we wish to rationalize the conditions for ecozone growth. Without the need for Presidential proclamations, the AFAB (Authority of the Freeport Area of Bataan) and TIEZA (Tourism Infrastructure and Enterprise Zone Authority) can designate regions as ecozones “announced Panga at PEZA’s commemoration of Investors’ Recognition Day 2022.

He said that as part of the agency’s proposal to review the 27-year-old PEZA statute, streamlining the requirements for ecozone projects will be included.

According to Republic Act 7916, as modified, also referred to as the “Special Economic Zone Act of 1995,” PEZA is the main government organization in charge of running, managing, and developing export-oriented economic zones around the nation.

Except for a few localities that have their own IPAs, PEZA is the organization that manages ecozones nationally and encourages the influx of foreign and local investors into the economic zones.

Since 1995, there have been 421 PEZA zones established across the country, all of which were authorized by presidential proclamations. 300 of the total ecozones are centers and parks for information technology (IT), 78 are for manufacturing, 23 are for agro-industrial parks, 17 are for tourism, and three are for medical tourism.

In these ecozones, 4,346 locators have established their facilities.

Investments in PEZA zones have totaled PHP4.076 trillion over the past 27 years, creating 1.8 million jobs and USD982.62 billion in export profits for the nation.

Panga claimed that in 2021 alone, business operations in PEZA contributed 16% to the nation’s gross domestic product (GDP), with PEZA-registered businesses accounting for 80% of all exports.

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