MANILA, Philippines - New economic zones are being developed to encourage more investors to do business here, the Philippine Economic Zone Authority (PEZA) said.
PEZA director general Lilia de Lima told reporters in a chance interview, new economic zones are being developed so that when there are investors looking to set-up facilities for manufacturing here, the country would be able to accommodate them.
“We need to have these (economic zones) available so that when investors come here, they have options,” she said.
She also said that as firms with existing facilities in the country are expanding, it would be better to have new economic zones.
She said Brother Industries Ltd., which announced earlier this year that it was setting up a manufacturing plant for its printing business in Batangas, is one of those undertaking expansion.
She said that while it is building a manufacturing facility, it is putting up another one for a new product line.
Among the new economic zones being developed in the country is a 250-hectare area in Rosario in the province of Cavite.
The development of the new economic zone in Cavite costs P1.1 billion and is being undertaken by Suntrust, a partnership between MegaWorld Corp. and the Remullas.
The economic zone, De Lima said, would be suitable for firms setting-up manufacturing facilities.
“We need more there in Cavite since it is very near now because of CAVITEX (Manila-Cavite Expressway). That’s what happens when you have infra,” she said.
Apart from Cavite, she said another economic zone is being developed in San Jose Del Monte in Bulacan.