Thu Sep 12 04:21:17 UTC 2024: ## Marikina City Approves Armscor Manufacturing Special Economic Zone, Promises Job Growth

**Marikina City, Philippines** – In a move aimed at boosting employment opportunities and economic growth, Marikina City Mayor Marcelino “Marcy” Teodoro has signed a resolution approving the development of the Armscor Manufacturing Special Economic Zone. The resolution, sponsored by Councilor Donn Carlo B. Favis and co-sponsored by the majority of the council members, greenlights the transformation of several land parcels owned by Armscor Global Defense, Inc. (Armscor) into a special economic zone.

The 71,655.20 square meter site, located in Barangay Fortune, will become a hub for manufacturing under the framework of Republic Act 7916, the Special Economic Zone Act of 1995. This law seeks to attract investment and stimulate industrial development throughout the Philippines, ultimately creating jobs and improving the quality of life for Filipinos.

Mayor Teodoro highlighted Armscor’s history as a pioneering industry in Marikina City, emphasizing its existing contribution to the local economy through job creation. He expressed confidence that the new special economic zone will further enhance this positive impact.

The resolution also seeks to gain official recognition from the Philippine Economic Zone Authority (PEZA), a government agency under the Department of Trade and Industry. PEZA approval would solidify the Armscor Manufacturing Special Economic Zone’s status as a manufacturing hub and attract further investment.

The Marikina City Council anticipates that the zone will generate additional revenue for the local government and create numerous new employment opportunities for residents. The council has already begun the process of meeting PEZA requirements and is actively working towards the official designation as a manufacturing economic zone.

Gina Marie G. Angangco, Senior Executive Vice President and Deputy CEO of Armscor, expressed gratitude to Mayor Teodoro and the city council for their support of this project.

The establishment of the Armscor Manufacturing Special Economic Zone marks a significant step forward for Marikina City, promising both economic growth and improved employment prospects for its residents.

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