Home Top News Megaworld tapped by PEZA to develop and operate Arcovia City

Megaworld tapped by PEZA to develop and operate Arcovia City

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THE PHILIPPINE Economic Zone Authority (PEZA) has signed a registration deal with Megaworld Corp., making it the developer and operator of the Arcovia City IT Park in Pasig City.

In a statement on Thursday, PEZA said its partnership with Megaworld would help boost efforts to make the country a premier investment hotspot 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,” PEZA Director General Tereso O. Panga said in the statement.

“By establishing new zones, we can host global players in the information technology and business process management industries, thereby giving more opportunities to Filipinos,” he added.

PEZA and Megaworld signed the agreement last week at the PEZA head office, according to the state investment promotion agency.

Megaworld oversees nine economic zones with 221 registered businesses that generate $3.29 billion (P193 billion) in exports and 160,000 jobs.

Megaworld has spent P817.5 million on the horizontal development of the IT Park in Pasig City, which is part of the listed company’s mixed-use development, PEZA said.

“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,” Mr. Panga said.

Arcovia City is one of the two economic zones proclaimed by President Ferdinand R. Marcos, Jr. this year, bringing the number of proclaimed zones under him to 13 with P4.86 billion in investments.

It aims to entice more local and international investors to bolster economic growth and create more jobs for Filipinos.

Megaworld shares lost 1.62% or three centavos to close at P1.82 each. — Justine Irish D. Tabile

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