DTI eyes 60-hectare industrial economic zone in ComVal

Published February 26, 2018, 3:29 PM

by Patrick Garcia

By Antonio Colina

The Department of Trade and Industry (DTI) 11 said it is eyeing a 60-hectare industrial economic zone in Maco town, Compostela Valley province.

Mawab, Compostela Valley (credits: Wikipedia|Manila Bulletin)
Mawab, Compostela Valley (credits: Wikipedia|Manila Bulletin)

In an interview on Monday, DTI-Comval provincial director Atty. Lucky Siegfred M. Balleque said an economic zone would boost the potentials of the province as they have agriculture produce for export and they want to attract investors.

He added they are looking at a facility to be put up near the Maco Port, which can be developed into an international port so that it can catch up with the requirement once an economic zone will be constructed.

“It’s very important because if we have an economic zone, the locators will be given incentives – PEZA incentives. We need a port so it is easy for investors especially export companies to export their products,” he added.

He said it will be run either by government or private firm.

An area accredited by Philippine Economic Zone Authority (PEZA) enjoys a fiscal –income tax holidays for four to six years – and nonfiscal incentives.
Nonfiscal incentives include simplified import-export procedures; nonresident foreign nationals may be employed by PEZA-registered economic zone enterprises in supervisory, technical or advisory positions; and special non-immigrant visa with multiple-entry privileges for nonresident foreign nationals in a PEZA-registered economic zone enterprise that include investors, officers and employees in supervisory, technical or advisory position, and their spouses and unmarried children under 21 years of age.
Balleque added that have already talked with private developers who would be interested to invest in economic zone, and one of them is a company led by Lucio Tan who owns a large area in Maco.

He said they hope this project would be realized in five years.