BY GEROME DALIPE
ILOILO City – A special economic zone (SEZ) on Donato Pison Avenue in Barangay San Rafael, Mandurriao district is projected to boost economic activity in the area.
Special economic zones offer incentives such as tax breaks, simplified customs procedures, and other benefits that attract businesses and investors.
Such a move could lead to increased job opportunities, enhanced business growth, and overall economic development in the locality, making it an attractive spot for companies looking to expand or establish operations in Iloilo City.
The new SEZ called The Grid, which sits on a 7,021.88-square-meter gross floor area, is expected to attract investments, create job opportunities, and enhance the overall development of the metropolis.
President Ferdinand “Bongbong” Marcos Jr. issued Proclamation 668 declaring it as the latest special economic zone in the city.
“Once it is already part of the economic zone, it (The Grid) is now exempted from taxes,” said Mayor Jerry Treñas.
Likewise, the SEZ status could encourage the development of infrastructure and services, further enhancing the appeal of the area to both local and international investors.
The new SEZ’s strategic location in Mandurriao, a growing business district in Iloilo City, positions it well to become a hub of economic activity, contributing to the city’s broader goals of economic growth and competitiveness.
The Special Economic Zone Act defines SEZs as “selected areas with highly developed or which have the potential to be developed into agro-industrial, industrial tourist/recreational, commercial, banking, investment, and financial centers.”
The Philippine Economic Zone Authority (PEZA) reported about 419 economic zones in the country as of April 2023, including 297 information technology parks or centers.
Under its mandate, PEZA is tasked to promote the establishment of economic zones in the Philippines for foreign investments.
The agency recently approved some P36.287 billion worth of investments in the first five months of 2024. It aims to approve at least P200 billion in investments this year./PN
