ILOILO City – This city is an example of how economic zones (ecozones) drive local economic growth, solidifying its place among the wealthiest local government units (LGUs) in the country, according to the Philippine Economic Zone Authority (PEZA).
As a host to several economic zones under PEZA, Iloilo City shows the transformative power of ecozones in fostering development, creating jobs, and boosting revenues, said PEZA director General Tereso Panga.
Ecozones are designated areas where business operations enjoy special incentives to attract investments. These zones typically cater to manufacturing, information technology (IT), tourism, and agro-industrial ventures, among others.
Companies operating within ecozones benefit from tax holidays, streamlined business processes, and access to world-class infrastructure, making these areas highly attractive for both local and international investors.
Panga stressed the importance of ecozones during a press conference in Pasay City, citing the strong correlation between hosting ecozones and economic advancement.
“The more an LGU is hosting ecozones, the better, the higher is the level of development,” Panga said.
The Philippine Development Plan 2023-2028 has includes the ecozone program as a strategic growth driver, he noted.
Iloilo City’s economic zones, such as the recently approved The Grid in Mandurriao, are emblematic of its rise as a business and information technology (IT) hub in Western Visayas, said Panga.
With investments pouring into these zones, the city has seen robust industrial development, improved infrastructure, and a surge in local employment opportunities.
The Grid is expected to bolster Iloilo City’s position as a prime destination for IT and commercial ventures, further enhancing the metro’s economic profile.
PEZA data revealed that nine out of the 10 wealthiest LGUshost economic zones, with Iloilo City standing out as a key player.
These zones not only generate substantial local revenues but also attract global investments, as evidenced by the P9.18 billion in investments proclaimed between 2023 and 2024 across various ecozones nationwide, said Panga. (With a report from the Philippine News Agency/PN)
