The Bureau of Corrections (BuCor) and the Philippine Economic Zone Authority (PEZA) jointly propose integrating Palawan into the Luzon Economic Growth Area, leveraging its natural resources and strategic location. Plans include the development of an Aerotropolis, Agropolis, Aqua Marine Special Economic Zone, and Ecopolis.
The Bureau of Corrections (BuCor) and the Philippine Economic Zone Authority ( PEZA ) have jointly appealed to the National Economic Development Authority (NEDA) to incorporate Mimaropa's island provinces - Mindoro, Marinduque, Romblon, and Palawan - into the Luzon Economic Growth Area. This initiative centers around the integration of the Iwahig Prison and Penal Farm in Puerto Princesa and the Sablayan Prison and Penal Farm in Occidental Mindoro into broader regional development plans.
PEZA Director General Tereso Panga envisions Palawan evolving into a robust economic hub akin to Singapore, capitalizing on its abundant natural resources and strategic location. The province's development strategy prioritizes sustainability, technological innovation, and the establishment of a clean, green economy. This aligns with its proposed inclusion in the Luzon Economic Corridor, which encompasses Metro Manila, Batangas, and Central Luzon.Panga emphasizes Palawan's potential to emerge as a pivotal player in Agri-Agro Industrial Development and the Brunei Darussalam–Indonesia–Malaysia–Philippines East Asean Growth Area (BIMP-EAGA). BuCor Director General Gregorio Catapang Jr. presented a series of projects aimed at propelling economic transformation, including the development of a 1,200-hectare Aerotropolis, an airport city designed to double the capacity of NAIA and facilitate direct international flights to Palawan. Plans also encompass an Agropolis, linking agricultural centers with urban markets to bolster food security, an Aqua Marine Special Economic Zone to support international shipping and enhance food production, and an Ecopolis, a sustainable urban hub dedicated to business and financial services. A recent memorandum of agreement between BuCor and PEZA grants PEZA a 50-year authority, extendable by another 25 years, to develop 2,191 hectares of idle BuCor land into a Special Economic Zone. These underutilized lands will be transformed into agroforestry ecozones, aquamarine parks, and other economic hubs, designed to stimulate rural development and investment
Palawan Economic Growth Luzon Economic Corridor PEZA Bucor Special Economic Zone Agri-Agro Industrial Development BIMP-EAGA Aerotropolis Agropolis Aqua Marine Zone Ecopolis
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PEZA: Philippines Resilient to Potential US Tariff HikesThe Philippine Economic Zone Authority (PEZA) remains optimistic about the country's ability to withstand potential US tariff increases under the second Trump administration. PEZA highlights the Philippines' small trade deficit with the US and the strategic importance of its electronics and semiconductor manufacturing services (EMS-SMS) sector, which contributes significantly to exports to the US. While acknowledging concerns about the impact of tariffs on this sector, PEZA also sees potential opportunities for the Philippines to emerge as a cost-effective alternative for offshore manufacturing.
Read more »
Unilab Eyeing Pharmaceutical Economic Zone in PHUnilab Inc. is considering establishing a pharmaceutical economic zone in the Philippines following the enactment of a law aimed at enhancing the country's investment incentives. This move comes after a meeting between Unilab executives and Philippine Economic Zone Authority (PEZA) Director General Tereso Panga, where they discussed potential investments under the CREATE Act, signed last month. PEZA aims to attract more pharmaceutical and medical-related investments, in line with President Marcos Jr.'s goal of localizing medicine production and lowering costs for Filipinos.
Read more »
PEZA Issues 7,000 Investor Visas in 2024, Attributing Growth to Business-Friendly EnvironmentThe Philippine Economic Zone Authority (PEZA) reports a surge in investor visas issued in 2024, surpassing the previous year's figures. Japanese investors lead the way, followed by Indians and Chinese nationals. PEZA Director General Tereso Panga credits this growth to the agency's commitment to creating a business-friendly environment and highlights a recent data-sharing agreement with the Bureau of Immigration to enhance investor visa services.
Read more »
PEZA pursuing investment leads from US chip,THE Philippine Economic Zone Authority (PEZA) on Saturday said it has pursued new investment leads in the United States, following meetings with semiconductor and electronics industry officials.
Read more »
PHL must monitor US tariff impacts on EMS-SMS: PezaWHILE the Philippines is unlikely to be affected by Trump’s tariff policies given its balanced trade with the US, it must address “potential impacts” on electronics manufacturing services and semiconductor manufacturing services (EMS-SMS) industry, according to the Philippine Economic Zone Authority (Peza). This, because the “EMS-SMS industry...
Read more »
PEZA and TESDA Partner to Enhance Philippines' Labor ForceThe Philippine Economic Zone Authority (PEZA) and the Technical Education and Skills Development Authority (TESDA) have signed a memorandum of understanding to address the skills gap in various industries. TESDA will administer customized training modules and job matching, focusing on sectors like manufacturing, transportation, logistics, and information technology and business process management (ITBPM). The partnership aims to align skills training with industry demands, including the integration of overseas Filipino workers (OFWs) into the local labor market.
Read more »