PEZA to revive Albay’s coastal village as global value chain player

MANILA – The Philippine Economic Zone Authority (PEZA) aims to propel economic activities in a coastal village in Libon, Albay through economic zone development.

PEZA Director General Tereso Panga on May 24 visited Barangay Pantao, an “astillero” or a shipyard during the galleon trade, which played then as a key player in the global value chain.

Panga, a Bicolano himself, said on Friday that establishing ecozones in Pantao will help the coastal village regain its glory days, as it could 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 GVC (global value chain) once more,” the PEZA chief said.

According to PEZA, two sites in Pantao are being eyed as viable locations for ecozones. The PEZA also conducted an ocular inspection in the area to assess the proposed locations.

The PEZA is also looking into having a public ecozone in Pantao, adding to the existing PEZA-managed ecozones in Baguio, Pampanga, Cavite, and Cebu.

 The investment promotion agency added that 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 coastal road along the municipalities of Pasacao, Balatan, and Bato in Camarines Sur all the way to Pantao, without passing through Naga City will help in attracting investors to develop ecozones in Southern Luzon.

The PEZA is mandated to stimulate economic development through establishing ecozones across the country, especially in the countryside.

To date, the PEZA has established 423 economic zones nationwide with 4,380 locator companies, with total investments amounting to PHP4.38 trillion and exporting USD1.06 trillion worth of goods. These registered business enterprises created 1.8 million direct since its inception in 1995. (PNA)