Initially, the PEZA concentrated on manufacturing and information technology parks which offered incentives to investors who decide to locate their manufacturing operations within the special economic zones.
The incentives include income tax holiday and duty-free importation of capital equipment and raw materials. IT parks also offer the same benefits to locators.
Following its success in the manufacturing and IT parks, the PEZA is now working with the Department of Agriculture and the Department of Tourism in putting up agro-industrial economic zones and tourism and recreation complexes.
The PEZA and the DA are now working on the guidelines for the agro-industrial zones.
Government sources said the agro-industrial economic zones and the tourism and recreational complexes would offer the same incentives to investors who decide to locate their operations within the special zones.
According to PEZA, two agro-industrial parks are now in operations – the Cocochem Industrial Park in Batangas and the Abra Agro-Industrial Center. There is also one existing tourism complex, the Samal Casino Resort.
PEZA expects its investment and exports for this year to surpass last year’s performance despite a general slowdown in investment inflows due to the weakening of the global economy.