PEZA vows to revive Albay’s Coastal Village 

The Philippine Economic Zone Authority (PEZA) is set to rejuvenate economic activities in a coastal village in Libon, Albay, through the development of economic zones. This initiative aims to transform Barangay Pantao into a significant player in the global value chain.

PEZA Director General Tereso Panga, during his visit to Barangay Pantao on May 24, highlighted the village’s historical significance as a key shipyard during the galleon trade era. Panga, a native of Bicol, expressed optimism that establishing ecozones in Pantao would restore the village’s former economic prominence, enabling it to host large-scale manufacturing operations.

"Creating more manufacturing ecozones will boost the region’s attractiveness to foreign direct investments and enable it to participate in a significant way in the global value chain once more," Panga stated.

PEZA has identified two potential sites in Pantao for the development of ecozones and has conducted an ocular inspection to assess their viability. The agency is also considering the establishment of a public ecozone in Pantao, adding to its current portfolio of ecozones in Baguio, Pampanga, Cavite, and Cebu.

The construction of the South Luzon Expressway Toll Road 4, a four-lane toll road spanning from Sto. Tomas, Batangas to Lucena, Quezon, and the ongoing construction of a coastal road through Pasacao, Balatan, and Bato in Camarines Sur to Pantao, bypassing Naga City, are expected to enhance the region’s appeal to investors.

PEZA's mandate is to stimulate economic development by establishing ecozones across the country, particularly in rural areas. Since its inception in 1995, PEZA has developed 423 economic zones nationwide, hosting 4,380 locator companies. These businesses have generated total investments of PHP 4.38 trillion and exported goods worth USD 1.06 trillion, creating 1.8 million direct jobs.

The revitalization of Barangay Pantao through ecozone development is poised to create new economic opportunities and restore the village’s status as a vital component of the global value chain.