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PEZA supports the PDP 2023–2028’s inclusion of ecozone development.

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The Philippine Development Plan (PDP) 2023–2028’s inclusion of economic zone development as a driving force behind job creation and poverty eradication has been praised by the Philippine Economic Zone Development Authority (PEZA).

“We at PEZA have pressed NEDA (National Economic and Development Authority) to include economic zones in the PDP as it was neglected or left out for a while under the previous administration. As this will act as a spur for the nation’s progress, it is imperative that we strengthen our ecozone development projects, according to Tereso Panga, director general of PEZA.

Panga asserted that President Ferdinand R. Marcos Jr.’s reference to ecozones in his first State of the Nation Address in July of last year is strengthened by the inclusion of ecozone development in the PDP. This is particularly true given their strategic significance in rural development.

During the first half of the Marcos administration, PEZA approved the largest ecozone development in 2022, a PHP81.65 billion mixed-use project for manufacturing and tourism.

Additionally, 11 of the 29 ecozone projects that were approved last year took place between July and December.

The cost of developing ecozones totaled PHP96.21 billion for the entire year of 2022, with PHP90.65 billion of the projects getting the go-ahead in the first six months of the administration.

As we ring in the new year, PEZA is developing more efforts and collaborating with other government bodies to strengthen the nation’s economic zones in accordance with the PDP of the PBBM administration over the course of the following five years, he continued.

In order to mitigate the effects of economic uncertainty, Panga also recommended investors place their companies within ecozones.

“Ecozones can act as barriers to reduce the impact of headwinds, external restraints, and all of these global changes that are occurring, particularly at this time. The flip side of this, according to him, is that ecozones can act as economic engines to hasten economic recovery and expansion.

In December 2022, NEDA unveiled the administration’s medium-term strategy, AmbisyonNatin 2040, which is based on the long-term vision of the government.

The current PDP, according to NEDA Secretary Arsenio Balisacan, seeks to revitalize job creation and speed up the reduction of poverty by focusing on the “transformation agenda,” which would guide the economy back to its high growth path and help create a wealthy, inclusive, and resilient society.

Cebuano Cebuano English English Filipino Filipino

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