PEZA to construct 33-story building for commercial use

Business & Finance

The Philippine Economic Zone Authority (PEZA) will construct a 33-story building on its 5,000-square meter land along Roxas Boulevard, its director general Charito Plaza said in an interview.

Plaza told reporters that PEZA is currently in talks with three groups to construct the office building that will be leased for commercial use.

She said these groups include Alloy MTD, a unit of Malaysian firm MTD Capital Bhd., which is involved in the initial development of New Clark City; local construction firm Rhodium; and a Chinese firm.

“We are preparing the TOR (terms of reference) so we can award the bid and start the construction this year, but not before the end of the Duterte administration,” the PEZA chief said.

This new stream of income for PEZA could contribute to its remittance of dividends to the Bureau of the Treasury.

From 2016 to 2021, PEZA has remitted a total of PHP10.79 billion in dividends to the national government, PHP5.6 billion of which was turned in the last five years.

The investment promotion agency does not receive any budget from the government. PEZA is self-sufficient through the fees and charges it collected in economic zones such as permit and inspection fees, processing fees, sewerage/garbage, fines, transshipment, and utility fees as well as other sources of revenues including service concession and rentals.

Meanwhile, Plaza said PEZA will finish the construction of its 13-story office building to be fully used by the agency in 2024.

PEZA is spending around PHP1.5 billion for its own office building in its 5,000-sqm property along Roxas Blvd.

This is also the first office building funded by the Land Bank of the Philippines, Plaza added.

The property is PEZA’s initial headquarters before transferring to an office inside the Department of Energy compound at the Bonifacio Global City in Taguig. PEZA is currently leasing three floors at the DoubleDragon Center in Pasay City.

Source: Philippines News Agency

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