Marcos Establishes Special Economic Zone in Iloilo City, Expands Batangas SEZ

President Ferdinand “Bongbong” Marcos Jr. has officially designated “The Grid,” a building with a gross floor area of 7,021.88 square meters in Mandurriao, Iloilo City, as a special economic zone (SEZ). In addition, he expanded the Lima Technology Center-Special Economic Zone in Malvar, Batangas, according to Proclamation 668 issued on August 27.

Located at Donato Pison Avenue in Barangay San Rafael, Mandurriao, Iloilo City, “The Grid” and its 2,334-square-meter property are now recognized as a SEZ. Meanwhile, Proclamation 670 expanded the Lima Technology Center-Special Economic Zone by an additional 313,491 square meters, including several new lots in Barangay Bagong Pook, Malvar, Batangas.

The Special Economic Zone Act describes SEZs as areas selected for their potential to be developed into centers of agro-industrial, industrial, tourist/recreational, commercial, banking, investment, and financial activities. SEZs are intended to attract foreign investment and stimulate economic growth in designated regions.

As of April 2023, the Philippine Economic Zone Authority (PEZA) reported that there were approximately 419 economic zones in the Philippines, including 297 information technology parks and centers. PEZA is tasked with promoting the development of SEZs to attract foreign investments. The agency approved investments worth P36.287 billion in the first five months of 2024 and aims to approve at least P200 billion in investments for the year.