Marikina OKs special economic zone for arms firm’s facility

MANILA - The Marikina City government approved the creation of a special economic zone for the manufacturing facility of a firearms firm. Mayor Marcelino Teodoro signed Resolution No. 127, series of 2024, on Wednesday for the development of the Armscor Global Defense Inc. as the "Armscor Manufacturing Special Economic Zone". 'We recognize the significant benefits and sustainable growth that the 'Armscor Manufacturing Special Economic Zone' will bring to Marikina City and its residents, once it is officially designated and registered as a Manufacturing Economic Zone with PEZA (Philippine Economic Zone Authority. We anticipate that the 'Armscor Manufacturing Special Economic Zone' will not only generate additional income for the local government but also create more employment opportunities for the residents of Marikina City,' Teodoro said in a statement on Thursday. Armscor Global Defense Inc., doing business as Arms Corporation of the Philippines, is currently developing several parcels of land in Baranga y Fortune into a manufacturing economic zone project known as "Armscor Manufacturing Special Economic Zone" with a land area of 71,655.20 square meters. The resolution was sponsored by Councilor Donn Carlo Favis and co-sponsored by a majority of the council members, including Vice Mayor Marion Andres and Councilor Joseph Banzon. The resolution said it has worked on the submission with PEZA requirements and is currently undertaking important activities for the issuance of the certification as a manufacturing economic zone under Republic Act 7916 or the "Special Economic Zone Act of 1995." In approving the resolution, the council recognized the possible benefits and sustainable development which the Armscor Manufacturing Special Economic Zone would offer as soon it will be designated and registered with PEZA. RA 7916 aims to actively encourage, promote, induce and accelerate a sound and balanced industrial, economic and social development of the country to provide jobs to the people, increase their producti vity and their individual and family income, and thereby improve the level and quality of their living condition through the establishment, among others, of special economic zones in suitable and strategic locations in the country. Source: Philippines News agency