President Ferdinand “Bongbong” Marcos Jr. has designated “The Grid,” a building with a gross floor area of 7,021.88 square meters located in Mandurriao, Iloilo City, as a special economic zone (SEZ). Additionally, Marcos expanded the Lima Technology Center-Special Economic Zone in Malvar, Batangas.
This designation was made under Proclamation 668, issued by Marcos on August 27, which officially classifies The Grid, situated on Donato Pison Avenue in Barangay San Rafael, Mandurriao, Iloilo City, along with its 2,334-square-meter property, as a SEZ.
In a separate proclamation, Proclamation 670, the Lima Technology Center-Special Economic Zone in Malvar, Batangas, was expanded by an additional 313,491 square meters, incorporating new lots in Barangay Bagong Pook in Malvar.
According to the Special Economic Zone Act, SEZs are designated areas with high development potential, targeted for transformation into agro-industrial, industrial, tourist/recreational, commercial, banking, investment, and financial centers.
The Philippine Economic Zone Authority (PEZA) reported that, as of April 2023, the Philippines had 419 economic zones, including 297 information technology parks or centers. PEZA is responsible for promoting the establishment of economic zones to attract foreign investments into the country.
In the first five months of 2024, PEZA approved investments totaling PHP 36.287 billion and aims to approve at least PHP 200 billion in investments by the end of the year.