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The Philippine Economic Zone Authority and the Bureau of Corrections have signed a Joint Memorandum Circular that formalizes the transfer of the lot within the Iwahig Prison and Penal Farm that will be developed into an economic zone
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The circular gives PEZA exclusive use and possession of the property in Puerto Princesa, Palawan
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Covering over 4,000 hectares, it is a key component of PEZA’s broader development of the 28,000-hectare Palawan Mega Economic Zone
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PEZA director general Tereso Panga said several potential locators and investors from different countries as well as local companies already making inquiries
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PEZA said it is preparing to showcase PMEZ in various events as the country chairs the Association of Southeast Asian Nations in 2026
The Philippine Economic Zone Authority (PEZA) and the Bureau of Corrections (BuCor) have signed a Joint Memorandum Circular that formalizes the transfer of the lot within the Iwahig Prison and Penal Farm that will be developed into an economic zone.
The circular, signed on November 20, 2025, gives PEZA exclusive use and possession of the BuCor-administered portion of the Iwahig complex in Puerto Princesa, Palawan.
Covering over 4,000 hectares, it is a key component of PEZA’s broader development of the 28,000-hectare Palawan Mega Economic Zone (PMEZ), which is envisioned as the country’s next landmark ecozone and PEZA’s first mega-scale government-led eco-industrial township.
READ: PEZA approves creation of Palawan Mega Ecozone
“This partnership shows the heart of a modern BuCor, no longer solely defined by walls and fences, but what we can contribute to the nation,” BuCor director general Gregorio Pio Catapang said in a news release issued by PEZA following the signing ceremony.
BuCor also provided updates on its master plan, highlighting the completion of its Terms of Reference and key points — signaling stronger alignment between both agencies and readiness to advance to the next phases of development.
READ: BuCor eyes airport, seaport in Iwahig facility
PEZA director general Tereso Panga said he has been receiving a lot of interest for PMEZ with several potential locators and investors from different countries as well as local companies already making inquiries.
Prospective investors that have already engaged with PEZA include The Charoen Pokphand Group or CP Group, a Thai conglomerate and Thailand’s largest private multinational company, with businesses spanning agriculture, food, retail, telecommunications, pharmaceuticals, finance and banking.
Other interested parties are a Taiwanese aqua farm operator with operations in Taiwan, China, and Indonesia; a Peruvian company known for its global Stevia brand; a local exporter of coconut-based products; and a power generation company, among others.
“I firmly believe that PMEZ will become a magnet for new investments housing locators with complete supply chains and linking this to our broader regional commitments, particularly the Philippines’ chairmanship of the Brunei Darussalam–Indonesia–Malaysia–Philippines East ASEAN Growth Area or BIMP-EAGA this 2025,” Panga said.
Palawan and Mindanao are the Philippine’s member areas in the BIMP-EAGA regional sub-grouping.
READ: MinDA pushes revival of air, sea routes to uplift BIMP-EAGA trade, tourism
PEZA said it is also preparing to showcase PMEZ in various events as the country chairs the Association of Southeast Asian Nations (ASEAN) in 2026.
READ: Faster cargo clearance, MSME opportunities in 2 upgraded ASEAN trade pacts
PMEZ is seen to strengthen domestic production, deepen inter-sectoral linkages, and create as many as 480,000 quality jobs for local communities.
