Marikina City Mayor Marcelino “Marcy” Teodoro signed a resolution approving the development of "Armscor Global Defense, Inc." into the "Armscor Manufacturing Special Economic Zone” in the city to provide additional employment opportunities to Marikeños.
Teodoro signed Resolution No. 127 Series of 2024 on Wednesday, September 11. It was sponsored by Marikina City Councilor Donn Carlo B. Favis and co-sponsored by the majority of the council members, including Vice Mayor Marion S. Andres and Councilor Joseph B. Banzon.
Armscor Global Defense, Inc., also known as Arms Corporation of the Philippines, is turning several land parcels covering 71,655.20 square meters, in Barangay Fortune into the "Armscor Manufacturing Special Economic Zone."
Republic Act 7916, or the Special Economic Zone Act of 1995, 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.
It also increases productivity, individual and family income, as well as improves the level and quality of living conditions through the establishment, among others, of special economic zones in suitable and strategic locations in the country.
Teodoro noted that Armscor, as a pioneering industry in Marikina City, has created employment opportunities for many of its residents.
He said that the resolution also endorses the project for Philippine Economic Zone Authority (PEZA) registration, an agency from the Department of Trade and Industry (DTI) created to promote investments into the Philippines to establish it as a Manufacturing 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,” he said.
The city council also said it foresees that the Armscor Manufacturing Special Economic Zone will generate additional income for the the local government and will provide additional employment opportunities to Marikeños.
The resolution stated that it has worked on the submission with the PEZA requirements and is currently undertaking important activities for the issuance of the certification as a manufacturing economic zone under R.A. No. 7916.
The request was referred to the proper council committee, and after preliminary review and evaluation, the committee found the request in order.
“The Sanggunian is cognizant of the national policy declared under R.A. No. 7916, whereby the state declares the policy of the government to accelerate manufacturing and industrial development by establishing, among others, a manufacturing economic zone in Marikina City with active participation of the private sector," the resolution read.
Meanwhile, Armscor Senior Executive Vice President and Deputy CEO Gina Marie G. Angangco thanked Teodoro and the Marikina City Council for approving the resolution.