PEZA signs MOA with BuCor for Palawan Mega Economic Zone

The Philippine Economic Zone Authority (PEZA) signed a memorandum of agreement with the Bureau of Corrections (BuCor) on January 24 to develop a new Palawan Mega Economic Zone on over 2,000 hectares of land at the Iwahig Prison and Penal Farm in Puerto Princesa City.

This initiative aims to attract high-value industries such as electric vehicle production, advanced manufacturing, green ores processing, nanotech, medical-related industries, and blue industries.

PEZA Director-General Tereso Panga expressed optimism about creating employment opportunities for Filipinos, particularly those deprived of liberty (PDLs), through this development.

BuCor aims to transform the area into a 'clean, green, and technology-driven' smart mixed-used township as part of the Luzon Economic Corridor.

The Palawan Mega Economic Zone is expected to be operational by 2028 during President Ferdinand R. Marcos Jr.'s term, adding to the existing publicly-owned economic zones in Cebu, Baguio, Cavite, and Pampanga.

PEZA secured investments worth P30.156 billion during its first board meeting in 2025, marking a significant increase from the previous year's figure.

BuCor estimates that it controls 32,000 hectares of idle land with ecozone potential, including 25,000 hectares in Iwahig and 7,000 hectares in Sablayan, Mindoro.