President Ferdinand Marcos Jr. has created and designated Tupi Information Technology (IT) Park in Cotabato as a Special Economic Zone.
The move aims to support current government thrust to attract more foreign investors, according to the President.
By issuing Proclamation No. 530 on May 2, the President created and designated Tupi IT Park as a Special Economic Zone upon the recommendation of the board of directors of the Philippine Economic Zone Authority (PEZA).
Such designation is also pursuant to the powers authorizing the chief executive under Republic Act (RA) No. 7916, or the Special Economic Zone Act of 1995, as amended by RA No. 8748.
Signed by Executive Secretary Lucas Bersamin, the President’s issuance covers Lot 1-C-5-A (LRC) Psd-198686 TCT No. 145-2015001381, located along the National Highway, Brgy. Poblacion, Tupi, South Cotabato.
The President said the various economic zones in the country are open to all foreign investors, including those from South Korea, as he cited the attractive investment arrangements set up by the government for businesses planning to operate in the Philippines.
“We have economic zones where anyone can participate,” said President Marcos when interviewed by Chang Dae-hwan, chairman of South Korea’s Maeyeong Media Group.
The President told Chang that South Korean companies can seize the business and trade opportunities being offered by the economic zones in the Philippines.
The ecozones, he said, offer one common tax code and incentive scheme. In these ecozones, locator companies don’t have to deal with every single local government unit (LGUs), he added. The President said the ecozones are open to all investors looking for special incentives and special tax breaks.
The Chief Executive cited as example the Clark Freeport and Special Economic Zone (CFEZ) in Clark City, Pampanga where government arrangements for businesses has made it as an attractive destination for foreign investments.
“They have come in and I like to think that the reason for that is because we have set up the system that’s attractive for their investment,” he said.
“And so, we’ll continue to [do] that and will be able to do even better if the Luzon Economic Corridor is completed, and the travel times and the cost of travel of transport will be brought down,” he added.
A project that will intensively focus on key infrastructure such as ports, railways, clean energy, and the semiconductor supply chain to connect Subic Bay, Clark, Manila, and Batangas, the Luzon Economic Corridor is attracting investments from several countries, the President said.
The Philippines can elevate its global status through the project, he added.
President Marcos said Philippine special zones have been very successful. He said the government is counting on them to bring more success in the country. PND
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