February 28, 2017

Quezon could be new economic zone

A proposed P125-billion economic zone in Quezon province is seeking the approval of President Duterte to kick start its development that would come “at no cost to the government.”

Three foreign companies have expressed their interest to financing a P125-billion economic zone project in Quezon province.

This ecozone, which is currently known as the Greater Lucena Integrated Ecozone project, has been approved by the Philippine Economic Zone Authority earlier this year. The next step is to have the president sign a proclamation in order to claim the are as an official ecozone.

The companies mentioned were China Communications Construction Company Ltd., Posco, Alloy MTD Group of Malaysia, and Korean steelmaker Posco.

According to the Philippine Daily Inquirer, "ARC donated 1,500 hectares of land for the proposed economic zone, which would cover seven municipalities in the area.

"Breaking down the total cost per major segment, Cea said that P75 billion would go to the industrial zones, P25 billion for a 200-hectare airport, and the remaining P25 billion will be for an international port.

"In the same press conference, Peza Director-General Charito B. Plaza said that Cea might seek partners to further develop certain parts of the ecozone, such as the ports."