MACTAN, CEBU – With the consistent investment performance in Cebu, Philippine Economic Zone Authority (PEZA) Director General Tereso O. Panga remains confident that more investments will come to the province that will accelerate countryside development through our ecozone program.

This comes as Panga addressed the members of the MEPZCEM Chamber Inc. or the Mactan Export Processing Zone Chamber of Exporters and Manufacturers during its annual General Membership Meeting last Wednesday, June 14, wherein he also expressed appreciation to the investors and PEZA locators in Cebu for its constant contribution to the province and the economy.

“Our locator companies, industry partners and host LGUs have shown their strong will and determination in rising through the difficulties and challenges. In the process, our locators have become resilient as they picked up the pieces and sustained their momentum for enhanced competitiveness and participation in the global market—while sustaining the jobs, livelihood and other economic opportunities within the ecozone ecosystem,” expressed Panga.

PEZA Director General Panga addressing the members of the MEPZCEM Chamber Inc.

Cebu performance

Cebu-based locators’ contributions account for 11% share in the total PEZA KPIs on investments, jobs and exports. To date, PEZA has registered 48 ecozones in Cebu province with 640 locator companies generating P275.3 billion in cumulative investments resulting in 232,076 directly generated jobs, and churning out US$ 5.9 billion annual average exports.

Moreover, PEZA locators alone in Mactan island such as the Mactan Economic Zone (MEZ) I and II, Cebu Light Industrial Park, Jpark Island Resort and Waterpark, and Mactan Newtown remitted a total P267 million in tax payments last year from the 2% gross income tax share of the Lapu-Lapu City government.

The PEZA Chief noted, “With this continuous positive performance, we are anticipating an upturn in the economy especially within the province. At the same time, we are looking at welcoming strategic and big-ticket investments from various industries to locate in Cebu.”

PEZA Director General Panga (center) with Lapu-Lapu City, Cebu Acting Vice Mayor Atty. Eugene Espedido and the MEPZCEM Chamber Inc. newly inducted officials

Pledges for Cebu Province

DG Panga also met with locator companies in Cebu who have expressed their interest for various investment projects in the province.

PEZA is supportive of the plans of Autoliv Cebu Safety Manufacturing Inc. for an expansion project at a 2.6-hectare area in the Northern Part of Cebu. Taiyo Yuden Philippines Inc. also expressed its interest in registering with PEZA a new and expansion project in MEZ.

“Under the present leadership, PEZA will be open, innovative, and above all protective of our locators. I look forward to your sustained presence and expansion plans because these have a direct impact on generating employment for our LGUs and as a whole improving the local economy of the Philippines,” assured Panga.

He added, “PEZA will continue to be responsive and vibrant as we facilitate the operations and growth of our valued ecozone investors so we can help propel our economic growth and contribute to the President’s bid for the country to graduate to upper-middle income status within the next four years.”*

Date of release: 17 June 2023

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