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SOURCE: Press and Public Affairs Bureau


JOINT PANEL APPROVES COMMITTEE REPORTS ON SUBSTITUTE BILLS CREATING SPECIAL ECONOMIC ZONES


 

29 April 2021 01:56:37 PM

The House Committees on Economic Affairs and on Trade and Industry, in a joint hearing on Thursday, swiftly moved for the omnibus approval of the committee reports on unnumbered substitute bills to House Bills 263, 264, 655, 3239, 5440, 5538 and 5794. The bills seek to establish Special Economic Zones (SEZs) located outside the National Capital Region (NCR). The proposed SEZs would be particularly established in the municipalities of San Jose, Magsaysay and Paluan in Occidental Mindoro; Sangley Point in Cavite City; Fourth District of Cebu; Bacolod City in Negros Occidental; Ubay, Buenavista, Talibon and Getafe in Bohol; and Iloilo City. In his opening statement, Committee on Economic Affairs Chairperson and Aklan Rep. Teodorico Haresco Jr. said the proposed SEZs are envisioned and conceptualized to help evenly spread the opportunities for socio-economic development in the country. Meanwhile, Committee on Trade and Industry Vice-Chairperson and Nueva Ecija Rep. Rosanna Vergara said the SEZs would provide numerous benefits as they are expected to stimulate the flow of both domestic and foreign investments, promote exports of goods and services, generate revenues and foreign exchange, create employment opportunities as well as fast-track the development of infrastructure facilities. The proposed SEZ bills were also taken up by the Committee on Ways and Means last Monday to reflect on the provisions of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. HBs 263 and 264 are authored by Occidental Mindoro Rep. Josephine Ramirez-Sato; HB 655 by Cavite Rep. Francis Gerald Aguinaldo Abaya; HB 3239 by Cebu Rep. Janice Salimbangon; HB 5440 by Bacolod City Rep. Greg Gasataya; HB 5538 by Bohol Rep. Erico Aristotle Aumentado; and HB 5794 by Iloilo City Rep. Julienne Baronda.

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