The Philippine Economic Zone Authority (PEZA) proposes building two special economic zones in Libon, Albay, to revive the coastal town as a global value chain player.
PEZA Director General Tereso Panga made the declaration during his recent visit to Barangay Pantao, a place that holds a rich historical significance as it used to play an important part in the galleon trade during the Spanish era.
“Creating more manufacturing ecozones will boost the region’s attractiveness to foreign direct investments and enable it to participate in a significant way in the GVC (global value chain) once more,” the PEZA chief, a Bicolono himself, said.
He said establishing ecozones in Pantao will help the coastal village regain its glory days, as it could host large-scale manufacturing operations.
Initially, PEZA is considering sites in Pantao as viable locations for ecozones. It also conducted an ocular inspection in the area to assess the proposed locations.
The PEZA is also considering creating a public ecozone in Pantao, which would supplement the existing PEZA-managed ecozones in Baguio, Pampanga, Cavite, and Cebu.
The investment promotion agency added that the construction of the South Luzon Expressway Toll Road 4, a four-lane toll road spanning from Sto. Tomas, Batangas to Lucena, Quezon, and the ongoing construction of coastal road along the municipalities of Pasacao, Balatan, and Bato in Camarines Sur all the way to Pantao, without passing through Naga City will help in attracting investors to develop ecozones in Southern Luzon.
The PEZA is mandated to stimulate economic development by establishing ecozones across the country, especially in the countryside.
To date, the PEZA has successfully established 423 economic zones nationwide with 4,380 locator companies, with total investments amounting to P4.38 trillion and exporting $1.06 trillion worth of goods. These registered business enterprises have created 1.8 million direct jobs since its inception in 1995, a testament to the effectiveness of our approach.