P723M investment fuels new ecozones in Cavite

The Philippine Economic Zone Authority (PEZA) has announced significant investments amounting to PHP 723 million for the establishment of two new special economic zones in Cavite province.

In a statement released on Monday, PEZA revealed that these investments are primarily driven by the expansion of the Gateway Business Park, which will incorporate an additional 2,898 square meters of land. The expansion project, valued at PHP 380 million, is set to host a metalwork locator, enhancing the region's manufacturing capabilities.

As of June 2024, the existing ecozone in General Trias is home to 28 locators, with annual aggregate exports reaching USD 430 million. This ecozone has also provided employment for approximately 29,000 Filipino workers, reflecting its significant contribution to the local economy.

In addition to the Gateway Business Park expansion, the NDC Industrial Estate in Dasmariñas has attracted investments totaling PHP 343 million. PEZA noted that this new industrial zone will accommodate three companies specializing in soap and detergent production, renewable energy, and customs electronics manufacturing.

PEZA Director General Tereso Panga emphasized that the expansion of Gateway Business Park and the creation of the NDC Industrial Estate represent crucial steps toward enhancing economic activity in the region. "These projects attract more investments and generate high-value jobs for Filipinos," Panga stated.

He added that these initiatives will significantly contribute to the Philippines’ industrial development, reinforcing the country’s ambition to become a regional hub for manufacturing and innovation.