THE Philippine Economic Zone Authority (PEZA) officially designated Arcovia City as a new economic zone, with Megaworld Corp. signing a Registration Agreement (RA) to develop and operate it.
Represented by Executive Vice President and Chief Strategy Officer Kevin Tan, Megaworld signed the agreement with PEZA on May 21 to be the developer and operator of Arcovia City Information Technology (IT) Park in Ugong, Pasig City.
The property giant has allocated P817.5 million for horizontal development of the IT Park and boosted the Philippines' reputation as an investment hub in the region with ecozones as drivers of growth and development.
"Megaworld's commitment to nation-building is evident through their active participation in the country's ecozone program. By establishing new zones, we can host global players in the IT-BPM industry, thereby giving more opportunities for Filipinos," said PEZA Director General Tereso Panga.
At present, Megaworld and its affiliates manage nine economic zones, housing 221 registered businesses. In 2023, these ecozones collectively produced $3.29 billion in exports and provided direct employment for over 160,000 Filipinos.
Panga and Tan are confident in this new project that could support the country's economic development and job creation for Filipinos.
By creating state-of-the-art ecozones, both parties intend to attract and engage local and international investors to start their businesses in the Philippines.
"We are optimistic that more business titans in the real estate development sector will follow Megaworld's lead and either establish or expand their portfolio in the government's ecozone program," the PEZA chief said.
Arcovia City is one of the two ecozones proclaimed by President Ferdinand Marcos Jr. on April 1 this year. Under Proclamation 512, the President designated parcels of land in Ugong as an IT park, which is part of Megaworld's township project.
The MetroCas Industrial Estates-Special Economic Zone in Tanza, Cavite, was also designated by the President under Proclamation 513.
This brings the total of proclaimed ecozones under the Marcos Administration to 13 ecozones, with P4.856 billion in investments.
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