PEZA-accredited industrial park opens in Naga

CEBU, Philippines - Primary Properties Corporation opened its first industrial zone development, the 36-hectare Naga Valley Industrial Park in Naga City, Cebu, which is expected to employ at most 30 thousand people.

PPC president and chief executive officer William Liu said the company poured an initial investment of P1 billion on the Philippine Economic Zone Authority registered zone.

PPC, one of the largest commercial building developers in Cebu, has been a tenant of economic zones (MEZ 1 and 2), and cyber parks providing building requirements to investors in the last 20 years.

At present, the zone has two Japanese locators, the Kyozera and Tokyo MicroShaft. Liu said there are at least six companies, mostly Japanese.

PEZA director general Lilia de Lima, who graced the opening of the zone yesterday morning, said the Philippines is now regaining the interest of manufacturing investors, as China has become less attractive.

"It’s now a U-turn. Ten to 15 years ago all roads were going to China," said De Lima emphasizing that while the Philippines’ manpower has always been an asset, the country's sustained moderate wage increases is another magnet that made manufacturing investors consider the Philippines again.

NAVA is the first industrial park that opened in Cebu in recent years, and will add to the existing Mactan Export Zone 1 and 2, Cebu Light Industries Park, and the West Cebu Industrial Park in Balamban.

Positioned as light industrial park, the property can accommodate industries such as semiconductors, electronics, industrial gases, among others.

PEZA issued Resolution 14-176 dated March 31, 2014, as amended by Resolution no. 14-528 on September 29,2014 thereby approving PPC through its subsidiary Meridian 123 Corporation as a zone developer and operator.

There are now a total of 311 economic zones in the Philippines. De Lima said the thrust of PEZA is to push more ecozones in the country as the renaissance of manufacturing investments is evident. — Ehda M. Dagooc (FREEMAN)