The Philippine Economic Zone Authority (Peza) wants the new administration to develop more special economic zones (SEZ) to spur job generation and assist in economic recovery as the country navigates its way out of the pandemic.
In an interview with the Inquirer, Peza Director General Charito Plaza said the investment promotion agency’s SEZ program should be replicated across the country.
“The success stories of LGUs (local government units) hosting economic zones and industries specializing on specific products and industrial activities have enriched and empowered the LGUs and their constituents,” she said.
An SEZ, according to Republic Act No. 7916 or the SEZ Act, is a hub that can be developed into an agro-industrial, industrial tourist/recreational, commercial, banking, investment and financial center.
“Our … wish is for the administration to adopt the SEZs as an economic umbrella program [allowing] agencies to focus their projects [and] programs [in making] ecozones attractive and globally competitive,” she said.
Plaza earlier announced plans to focus on the establishment of more oil depots, refineries, agro-industrial and renewable energy ecozones to boost sustainability amid rising inflation and the growing threat of a global recession.