Marcos creates special economic zone in Iloilo City

President Ferdinand “Bongbong” Marcos Jr. designated The Grid — a building with a 7,021.88-square-meter gross floor area in Mandurriao in Iloilo  City — as a special economic zone (SEZ) and expanded the Lima  Technology Center-Special Economic Zone in Malvar, Batangas.

Under Proclamation 668 issued by Marcos on August 27, The Grid, located at  Donato Pison Avenue in Barangay San Rafael, Mandurriao, Iloilo City, and the 2,334-square-meter property where it stands, were designated as a  SEZ.

Proclamation 670 also expanded the Lima Technology  Center-Special Economic Zone with an aggregate area of 313,491 square meters. This includes additional lots in Barangay Bagong Pook in the  Municipality of Malvar, Batangas.

The Special Economic Zone  Act defines SEZs as “selected areas with highly developed or which have the potential to be developed into agro-industrial, industrial  tourist/recreational, commercial, banking, investment, and financial  centers.”

According to the Philippine Economic Zone Authority  (PEZA), there were some 419 economic zones in the country as of April  2023, including 297 information technology parks or centers.

Under its mandate, PEZA is tasked to promote the establishment of economic zones in the Philippines for foreign investments.

The agency approved P36.287 billion worth of investments in the first five months of 2024. It targets to approve at least P200 billion in investments this year. — DVM, GMA Integrated News