Bacolod Rep. Greg Gasataya said House Bill No. 10284 establishing a Special Economic Zone and the Bacolod Economic Zone Authority, which he authored in the House of Representatives, has been approved by the Senate Committee on Economic Affairs.
He filed the bill in 2019 aiming to propel and strengthen the local economic scene and provide employment to Bacolodnons, he said in a post on his Facebook page Tuesday, January 11.
The establishment of a Special Economic Zone and an Economic Zone Authority in Bacolod will provide economic incentives to motivate both local and foreign investors to invest in the city and boost the local commercial scene, he said.
This will provide employment, business opportunities, export and comparative advantage opportunities, more competitive wages, and an increase in land and property valuation, he added.
“The bill will also provide opportunities for graduates and skilled workers of our scholarship programs to seek employment in the local scene as opposed to migrating,” Gasataya said.
“As we recover from the pandemic, it is also imperative that we propose measures to stimulate economic activities,” he added.
The impact of Economic Zones on local economies is evident in existing ecozones, he said.
The ZAMBOECOZONE’s investments surged to P 9.7 billion in 2015 from only P 9.8 million in 2014.
The investments in Bataan Export Processing Zone or BEPZ also increased from P 390 million in 2012 to P 6.2 billion in 2015, not to mention the apparent development in Cavite and Clark spurred by their respective Economic Zones, Gasataya said.
“We are hoping that the establishment of our own Ecozone and its careful implementation would result in the same kind of economic growth in Bacolod City,” he added.
He thanked Senate Committee on Economic Affairs Chairperson Sen. Imee Marcos, Senate Minority Leader Franklin Drilon, House Committee on Economic Affairs Chairperson Rep. Sharon Garin, and his colleagues in Congress for their support for the bill.*