Marikina upbeat on devt of Armscor SEZ

THE local government of Marikina has signed a resolution approving the development of an Armscor Global Defense Inc. special economic zone (SEZ), seeing the potential of the arms manufacturer to generate more employment opportunities for the city residents. Mayor Marcelino Teodoro said that Resolution 127 Series of 2024 was sponsored by Marikina City Councilor Donn Carlo Favis and co-sponsored by a majority of the council members, including Vice Mayor Marion Andres and Councilor Joseph Banzon. Teodoro said the resolution endorses the project for Philippine Economic Zone Authority (PEZA) registration, positioning it as a manufacturing economic zone. He noted that Armscor, a pioneering industry in Marikina City, has created employment opportunities for many residents. "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. "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," the mayor added. Armscor Global Defense Inc., doing business as Arms Corporation of the Philippines, is currently developing several parcels of land in Barangay Fortune into a manufacturing economic zone project known as "Armscor Manufacturing Special Economic Zone" with a total land area of 71,655.20 square meters.