Press Release March 7, 2006
ENRILE PROPOSES SPECIAL ECONOMIC ZONE AND
FREE PORT FOR PALAWAN
Sen. Juan Ponce Enrile has
filed a bill proposing the establishment of a Southern Palawan Economic Zone and
Free Port to encourage the development of an agro-industrial, commercial,
tourist, banking, investment and financial center in Palawan and the southern
Tagalog region.
In Senate Bill No. 2237, Enrile proposed the
creation of a Southern Palawan Economic Zone and Free Port Authority to
administer the operation of the special economic zone and free port in
accordance with the mandate of Republic Act No. 1916, otherwise known as the
Special Economic Zone Act of 1995.
The economic zone and free port shall encompass the
municipalities of Bataraza, Brookes Point and Balabac.
The Enrile bill offers a package of fiscal and
non-fiscal incentives to attract prospective foreign and local investors in
order to fully maximize the development possibilities of the province and region
as well. Among the incentives and obligations provided by the bill are:
1. Grant of a permanent resident status and
visa to any foreign investor who establishes a business within the economic
zone and who maintains a capital investment of not less than $150,000. The
privilege shall be extended to his or her spouse, dependents and unmarried
children below 21 years of age. They will likewise have the freedom of
ingress or egress to and from the ecozone without any need for special
authorization from the Bureau of Immigration.
2. Working visas renewable every two years
shall be issued to foreign executives and foreign technicians with high
specialized skills no Filipino possesses, as certified by the Department of
Labor and Employment.
3. Fiscal incentives shall be extended to
business establishments operating within the zone as provided for under RA
7916, otherwise known as the Special Economic Zone Act of 1995, as amended
by RA 8748.
4. Except for real property taxes on land owned
by developers, no taxes, local and national, shall be imposed on business
establishments operating within the zone.
5. The Southern Palawan ECOZONE shall be
operated and managed as a separate customs territory ensuring free flow and
movement of goods and capital within, into and exported out of the zone,
with tax and duty-free importation of raw materials and capital equipment.
However, exportation or removal of goods from the zone to other parts of the
Philippine territory shall be subject to customs duties.
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