MANILA – President Ferdinand R. Marcos Jr. has created a special economic zone in Antipolo.
In Proclamation No. 752 issued November 22, Marcos designated Xentromall Antipolo with a gross floor area of 27, 622.18 square meters, and the parcels of land where the building stands with an area of 10, 898 square meters as special economic zone.
The new economic zone, which will be an information technology center, is located along Sumulong Highway, Barangay Mambugan, Antipolo City.
The creation of the Antipolo City economic zone is under Republic Act 7916 or the Special Economic Zone Act of 1995 and upon the recommendation of the Board of Directors of the Philippine Economic Zone Authority (PEZA).
RA 7916, signed into law on February 24, 1995, aims to encourage economic growth through the development of special economic zones called “ecozones.”
Special economic zones are defined in the law as “selected areas with highly developed or which have the potential to be developed into agro-industrial, Industrial tourist/recreational, commercial banking, investment, and financial centers.”
An ecozone may contain industrial estates, export processing zones, free trade zones, and tourist/recreational centers.
Companies operating within designated economic zones get certain tax and other financial incentives to bring down the cost of manufacturing. (PNA)