By Beatriz Marie D. Cruz, Reporter
THE RECENTLY approved economic zones (ecozones) in Batangas, Bohol, and Bacolod are expected to spur demand for office, residential, and retail developments in surrounding areas, driving land appreciation and income growth, according to property consultants.
"The introduction of new IT (Information Technology) parks or expansions in current locations brings fresh employment opportunities to the region and fosters related advancements," stated Jamie Dela Cruz, a research manager at real estate company KMC Savills, Inc., via email.
As per her statement, the growing job prospects within these eco-zones will boost the requirement for new constructions of residential areas, business spaces, and retail outlets.
"People will be drawn to areas with job opportunities provided that adequate support services are available for both businesses and residents," explained Roy Amando L. Golez, Jr., who serves as the director of research and consultancy at Leechiu Property Consultants, in an email correspondence.
Mr. Golez further explained, “As the population rises, development near these ecozones is likely to increase, particularly as earnings rise.”
President Ferdinand R. Marcos, Jr. has endorsed four additional ecozones during the initial six months of this year, according to PEZA. These zones anticipate attracting investments amounting to approximately 3.2 billion pesos. This information was shared by the organization just last week.
Two of these ecozones are extensions of an industrial area in Batangas, whereas the remaining two are newly developed IT parks located in Tagbilaran City and Bacolod City within the Visayas region.
Ms. Dela Cruz mentioned that Ecozone developments may also draw interest from international investors and new businesses because of enhanced processes and benefits in the region.
"They make business operations smoother through incentives and streamlined procedures, aiding in the attraction of BPO companies and international investments. As an illustration, this can be observed in the leasing agreements within IT parks, despite their ongoing PEZA registration processes," she pointed out.
The consistent demand from the IT-BPM industry in major regional hubs like Bacolod and Bohol suggests that office rental prices will probably stay steady, with a possibility of slight hikes.
Mr. Golez mentioned that the government could gain financially from the new ecozones due to increased tax revenues resulting from enhanced property values.
Mr. Golez pointed out that to address the growing demand for land and area, local government units should enhance their land use planning in zones close to these ecological areas.
That indicates the necessity of developing areas that include spaces for commerce, logistics, housing, shopping, and certain public services to guarantee structured expansion over time," he stated. "Inevitably, this development will lead to increased property values and rent prices in the region.
Under the Marcos administration, a total of 32 ecozones have been declared, attracting approximately ₱13.41 billion in investments.