MANILA — Philippine Economic Zone Authority (PEZA) Director General Tereso Panga said Wednesday the expansion of West Cebu Estate (WCE) is currently attracting PHP35 billion in investments.
Panga, in a social media post, said AboitizInfra Capital (AIC) is expanding the WCE located in Balamban, Cebu.
The project involves the development of additional 39 hectares to the current 280-hectare PEZA-proclaimed ecozone.
“AIC’s initiatives and expansions are testaments to the potential of the PEZA ecozone model, especially when partnering with private sector titans. Together, we can achieve more towards creating jobs, enabling industries and spurring countryside development —the fundamental objectives for which PEZA was created,” Panga said.
According to PEZA, AIC is investing PHP1.4 billion for the expansion, and the rest of the PHP35 billion are projected investments from four locators.
Panga said the initial investments will create 14,000 fresh jobs, which will double the current 13,935 direct jobs generated by 23 locators in WCE.
In terms of exports, the 23 companies currently operating in WCE are contributing an average of USD47.5 million in export revenues every month.
“We in PEZA, together with our growth champion --ecozone developers, continue building homes for more long-term foreign direct investment companies to settle in the Philippines,” Panga said.
“These highly innovative and transformative ecozones will be pivotal in solidifying the Philippines’ role as a global manufacturing hub. In turn, it will elevate the quality of life for communities living around them,” he added. (PNA)
