ILOILO City – The proposed measure seeking to create an Iloilo special economic zone and freeport got the nod of the House of Representatives’ Committee on Economic Affairs and the House Committee on Trade and Industry.
House Bill 5794 (An Act Creating the Metro Iloilo Special Economic Zone and Freeport) was one of the seven bills creating special economic zones in different parts of the country recently approved by the panels.
The freeport and economic zone would help bring in investors to Western Visayas, according to Iloilo City’s Rep. Juliene “Jamjam” Baronda, author of the proposed measure.
The special economic zone and freeport encompasses the Iloilo International Port in Barangay Loboc, La Paz district and available public and reclaimed lands in barangays Bitoon and Balabago in Jaro district and in barangays Hinactacan, San Isidro, Ingore and Loboc in La Paz district.
“We are eager to have this passed in the House. Our economy needs to recover from the ill-effects of the pandemic,” Baronda said.
Under the bill, a tax rate of five percent on gross income earned will be collected from the locators with no other local or national taxes to be imposed.
The enterprises to be registered with the economic zone authority may enjoy income tax holiday or the net operating loss carry over prior to the availment of the gross income earned.
All fiscal incentives under the proposed law will be terminated after a cumulative period of 20 years from the date of registration, or the start of operation.
It was late last week when the two committees, chaired by Aklan’s Rep. Teodorico Haresco Jr., and Navotas’ Rep. John Reynald Tiangco, endorsed for plenary approval the committee reports of House Bill 5794 along with six other bills.
The other bills were:
* HB 655, establishing the Sangley Point special economic zone in the City of Cavite, Province of Cavite
* HB 263, establishing the special economic zone and free port in the Municipalities of San Jose and Magsaysay, Province of Occidental Mindoro
* HB 264 establishing the special economic zone and free port in the Municipality of Paluan, Province of Occidental Mindoro
* HB 3239, HB 5440, and HB 5538 establishing the special economic zone in the 4th district, Province of Cebu; in the City of Bacolod Province of Negros Occidental; and in the Municipalities of Ubay, Buenavista, Talibon, and Getafe, Province of Bohol, respectively./PN
