Business
“West Aklan Ecozone to create more jobs, improve economy” – Haresco
House Committee on Economic Affairs Vice Chairperson and Aklan 2nd District Rep. Teodorico Haresco Jr., on Sunday, said that the proposed West Aklan Special Economic Zone Act (WASEZA) shall bring in more investment and employment opportunities in the region and contribute to the nation’s economic recovery and development.
“In order for the economy to recover from inflation and the pandemic, we must explore new special economic zones and empower regional economies to provide more jobs, and entice foreign investment,” Haresco said.
The World Bank defines Special Economic Zones as “geographically limited areas, usually physically secured (fenced-in); single management or administration; eligibility for benefits based upon physical location within the zone; separate customs area (duty-free benefits) and streamlined procedures.”
SEZs or Ecozones in the Philippines are generally enabled by the Special Economic Zones Act of 1995 (RA 7916) which provides the legal framework and mechanisms for the integration, coordination, planning and monitoring of special economic zones, industrial estates / parks, export processing zones and other economic zones.
Notable Ecozones in the country include: Aurora Pacific Economic Zone and Freeport; Freeport Area of Bataan (FAB); Clark Freeport Zone and Clark Special Economic Zone (CSEZ); Cagayan Special Economic Zone and Freeport (CEZA); Cavite Economic Zone (CEZ); Subic Bay Freeport Zone (SBFZ); and Zamboanga City Special Economic Zone (ZFA).
“We hope to have WASEZA bring better opportunities and more competitive wages to Akeanons and their families, similar to how other ecozones in the country have boosted regional economies. The economic incentives we provide to businesses and local government units will definitely uphold the welfare of our people improve the quality of life in Aklan,” the veteran legislator said.
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