Connect with us

Hi, what are you looking for?

Economy

Defense firms eye industrial zone manufacturing in the Philippines

Philippine Economic Zone Authority plans to transform military reservation areas in Fort Bonifacio, Camp Evangelista, and Maguindanao into defense industrial complexes to manufacture military weapons and equipment. — PHILIPPINE STAR/ MICHAEL VARCAS

By Jenina P. Ibañez, Reporter

DEFENSE EQUIPMENT manufacturers have been showing interest in setting up operations in the Philippines as soon as industrial zones are put up, a top official of the Philippine Economic Zone Authority (PEZA) said.

“There are manifestations of companies — those who are manufacturing defense equipment, uniforms, weapons, military ships and aircraft — marami nang nag-invoke ng kanilang (many have expressed their) interest to bring their manufacturing companies here once we have the defense industrial complexes,” PEZA Director-General Charito B. Plaza said in an online interview on Thursday.

PEZA plans to transform military reservation areas in Fort Bonifacio, Camp Evangelista, and Maguindanao into defense industrial complexes to manufacture military weapons and equipment. Ms. Plaza is aiming to have the areas declared as industrial zones before the end of the Duterte administration in mid-2022.

PEZA is starting with the Philippine Army, which has the biggest share of reservation areas at almost 20,000 hectares. The goal, Ms. Plaza said, is to make the local defense industry less reliant on imports.

“First thing that we did is identify military reservation areas that could become an ecozone or a defense industrial complex. We have identified about seven or eight,” she said.

The proposed transformation would go through an approval process spanning the Philippine Army, the general headquarters of the Armed Forces of the Philippines, and the Department of National Defense.

The succeeding approval from PEZA would then be forwarded to the Office of the President, which would amend the proclamation of military reservation areas and convert them into industrial complexes.

“We have now many pending applications of defense industries. They are waiting for the implementation of the defense ecozones so that they can already apply to become its locators.” Ms. Plaza said.

The House of Representatives in February approved on third and final reading House Bill No. 8212 or the Special Defense Economic Zone (SpeDEZ) Act, which establishes a defense industrial zone in Camp Gen. Antonio Luna in Bataan to be run by a new independent government body.

VACCINE MANUFACTURING
Meanwhile, Ms. Plaza also confirmed details about the Israeli-Filipino partnership that would manufacture oral coronavirus disease 2019 (COVID-19) vaccines in the Philippines.

Approved by PEZA, the initial capital investment of P1.5 billion from the Savepoint Biotek, Inc. and MIGAL Galilee Research Institute partnership will put up manufacturing operations in the Pampanga Economic Zone.

“They hope to become the supplier of the whole of Asia, if not the whole world,” Ms. Plaza said.

The Israel state-funded MIGAL Galilee Research Institute is going through a testing and approval process for its COVID-19 vaccine, the Times of Israel reported last year.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

TOKYO — Japanese financial institutions are struggling to put a price tag on the cost of climate change, an effort made difficult by the long timeframe...

Economy

An indigenous group in the Canadian province of Saskatchewan on Thursday said it had found the unmarked graves of an estimated 751 people at...

Economy

A plan by India to build digital databases of farmers to boost their incomes has raised concerns about privacy and the exclusion of poor...

Investing

About 10% of Poundland products are no longer priced at £1, the discount retailer has said. Poundland moved away from pricing everything at £1...

Investing

The BT-owned mobile operator EE is to start charging UK customers to use their phones in Europe, having previously said it had no plans...

Investing

Government plans to restrict junk food advertising on television and online have been criticised by campaigners who say they contain too many exemptions to...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!