MANILA — The development of more economic zones in the country will usher in the “golden age of economic growth” as envisioned by the Asian Development Bank (ADB), officials of the Philippine Economic Zone Authority (PEZA) told the Philippine News Agency (PNA) Thursday.
PEZA Director General Charito Plaza said the ecozones would serve as economic drivers, with the development of idle lands to become productive and thus, contributing to the country’s manufacturing capacity which in turn, would create more employment opportunities.
“Ecozones encourage export, increase production and manufacturing capability, and create thousand of jobs, thus spur the economic growth and increase of infrastructure and logistics transportation facilities,” Plaza, who is currently in Singapore for a speaking engagement in a forum of European investors, said in a text message.
“Ecozone is the solution to hasten industrialization, transfer of technology, and encourages our farmers, small and medium enterprises, and LGUs (local government units) to complete the supply chain needed by industries in order to stop importation and become self-reliant, self-sustaining, and resource generating,” the PEZA chief added.
PEZA Deputy Director General for Policy and Planning Tereso Panga also told the PNA in a text message that further development of ecozones will attract more investors, create more jobs, exports, and other economic opportunities for the country.
“Through the ecozone program, we’re able to spur countryside development and inclusive growth pursuant to the objectives of the administration’s 10-point agenda and vision for AmBisyon Natin 2040,” said Panga.
“We can also diversify the mix of products and services and types of ecozones so we can move up the value chain in the manufacturing and logistics industries and venture into knowledge-based and digital economy,” the official added.
During the launch of Asian Development Outlook 2018, ADB Country Director Kelly Bird said “the Philippines is in its golden age of economic growth” driven by robust domestic demand.
Bird mentioned that the services sector along with the manufacturing and construction industries are expected to drive economic growth further.
With the 379 ecozones currently operating nationwide, PEZA targets to push this number further upward as it aims to have at least one ecozone per province. (Kris Crismundo/PNA)
