New economic zones to lure P3-B in investments — Recto

Three newly-designated special economic zones in Parañaque, Laguna, and Misamis Oriental are expected to draw up to P3 billion in new investments and create more job opportunities, Executive Secretary Ralph Recto said on Sunday.

“These significant areas continue to attract investors because of their strategic location, skilled workforce, good infrastructure, and reliable utilities,” Recto said in a statement.

On December 16, Recto signed proclamations designating 8912 ASEAN Avenue in Parañaque City as an Information Technology Hub; and declaring the Filinvest Innovation Park in Calamba, Laguna, located in Barangays Bubuyan and Punta, as a special economic zone.

Another proclamation also establishes several parcels of land along National Road in Purok 9, Barangays Cabug and Maanas in Medina, Misamis Oriental, as an agro-industrial economic zone to be known as the Alloco Development Corp. Industrial Estate.

According to Recto, the combined economic zones are expected to attract total investments of P3.03 billion and generate up to 7,200 jobs.

“Kaya nararapat lang na magkaroon dito ng mga special economic zone (That is why it is only fitting to establish special economic zones here)," Recto said.

"With this, we can keep building future-ready industries and generate more job opportunities—not just for our kababayans in these areas, but for all Filipinos across the country,” he added.

Special economic zones are designated areas where businesses receive financial and regulatory incentives. Depending on the industry, these zones may take several forms, including manufacturing estates, technology parks, and specialized tourism hubs.—MCG, GMA Integrated News