Marcos expands West Cebu Industrial Park

President Ferdinand “Bongbong” Marcos Jr. has expanded the West Cebu Industrial Park-Special Economic Zone with the designation of several parcels of land, as recommended by the Philippine Economic Zone Authority (PEZA).

Under Proclamation 710, parcels of land in Barangays Arpili and Buanoy in the Municipality of Balamban in the Cebu Province were included in the economic zone, with an aggregate area of 1,76,783 square meters.

West Cebu Industrial Park, which houses facilities and shops including a hotel, and pharmacies, is developed and operated by the Aboitiz Group and Japan-based Tsuneishi Holdings Corp. As a special economic zone, locators can benefit from tax incentives from the government.

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. —Jon Viktor Cabuenas/RF, GMA Integrated News