MANILA, Philippines – The government is looking at creating an economic zone similar to the ones being administered by the Philippine Economic Zone Authority (PEZA) but solely for local enterprises.
Speaking to reporters on the sidelines of yesterday’s year end economic briefing, Trade Secretary Gregory L. Domingo also proposed the creation of a Magna Carta for Investors to protect businessmen who are infusing money in the country from sudden changes in the policy.
According to Domingo, the creation of ecozone for local enteprises and the Mag-na Carta for Investors are proposals that may be included in the priority list of Congress next year. He said that the two things need new legislation before it can be implemented.
Domingo said that he will have to discuss the incentives to be given to the proposed ecozones with Finance Secretary Cesar V. Purisima because the incentives may mean a reduction in government revenues given the tax perks.
Domingo clarified that the incentives in PEZA zones will be more than the incentives in the proposed ecozone because exporters need more incentive to stay in the country. He explained that exporters can easily transfer their investment here to other countries if the cost of doing business in the Philippines becomes too high.
Domingo said that they are looking at Leyte or Samar as possible pilot locations for the domestic ecozone. He said the area must have ready access airports and seaports.
For the Magna Carta for Investors, Domingo said that this bill to be proposed in Congress will be for the protection of investors. For instance, he said that there are times when the policies are changed during the middle of the investment. This can help in protecting investors from such things.
In response to the question of the businessmen on the inconsistent policies of the local government units (LGUs) with the National Government, Domingo said that they would like to come out with certain areas that will be exempted from changes in rulings based on the decision of the LGUs. However, Domingo said that this plan is still dependent on the approval of the LGUs. –Ma. Elisa P. Osorio (The Philippine Star)
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