The Philippine Economic Zone Authority (PEZA) is mulling the establishment of a special economic zone in Bohol which is projected to draw investors, generate job opportunities and drive economic growth.

PEZA consultant Richard Año during the Bohol Provincial Development Council (PDC) meeting on Friday cited Panglao as a viable location for a special economic zone.

According to Año, Panglao’s potential is not only limited to tourism as it is also a leading candidate in hosting a business space due to the under construction New Bohol Airport in the municipality.

PEZA is planning to commence the study on the viability of the proposed project next year prompting the official to appeal to the PDC and stakeholders for support.

The agency during the meeting also vowed to provide all the necessary technical preparations in drawing investors to the province.

Other than the new airport which would cater to international flights, a port would also likely be built in Panglao as part of the project and among key elements within the special economic zone.

According to Año, PEZA is eyeing the creation of economic zones in various provinces, and Bohol has been chosen as among top candidates.

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In October, PEZA deputy director general Justo Porfirio Yusingco highlighted the need for space to accommodate new investors and current locators intending to expand.

Yusingco cited the momentum in the number of investments coming in, but it “would be a waste” if these are not accommodated since the PEZA cannot grant incentives outside economic zones. (Allen Doydora)