NEW economic zones (ecozones) in Parañaque, Laguna, and Misamis Oriental reflect investor confidence in their strategic location and skilled labor pools, Executive Secretary Ralph G. Recto said.
President Ferdinand R. Marcos, Jr. approved proclamations granting economic zone status to the three sites, Mr. Recto said in a statement Sunday, which combined are expected to attract about P3.03 billion in investment and create as many as 7,200 jobs.
Proclamation No. 1111 designates a property along ASEAN Avenue in Aseana City, Parañaque an information technology hub.
Proclamation No. 1112 establishes an agro-industrial economic zone in Medina, Misamis Oriental, covering parcels of land in barangays Cabug and Maanas. It will be known as the Alloco Development Corp. Industrial Estate.
Proclamation No. 1113, meanwhile, covers Filinvest Innovation Park in the Calamba barangays of Bubuyan and Punta. The park is targeted at advanced manufacturing locators.
Mr. Recto signed the proclamations on Dec. 16, but they were posted on the Official Gazette Dec. 18.
Special economic zones offer firms a mix of fiscal and non-fiscal incentives, depending on their location and industry, and may include industrial estates, export processing zones, IT parks and tourism-related developments.
The newly proclaimed zones will operate under Republic Act No. 7916, or the Special Economic Zone Act of 1995, as amended, and are subject to regulations set by the Philippine Economic Zone Authority. — Chloe Mari A. Hufana