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)
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
