19 economic zones proposed in Senate

MANILA, Philippines — There are a total of 19 proposed economic zones in the Senate, according to Sen. Juan Miguel Zubiri

As the new chairperson for the committee on economic affairs, Zubiri sought the advice of economic experts present at the briefing. The lawmaker said that there are 19  proposed economic zones, some of which are located in Mindoro, Marinduque, Eastern Visayas, Antique and Cebu. 

Zubiri expressed concern over these economic measures under the proposed CREATE More Act, as they might result in potential revenue losses for the government.

“The creation of 19 economic zones will seriously deteriorate your fiscal space,” Zubiri told the Department of Finance (DOF) Assistant Secretary Neil Cabiles, who represented the agency at the briefing. 

“Yes, it could erode some of our expected revenue, and we would like to note that we would like to conserve as much as possible on our revenues right now, especially when our consideration is not to introduce any new tax measures over and above what we already have,” Cabiles said.     

Zubiri said that these economic zones are individual charters so it will be hard to monitor. 

However, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said that there should first be a feasibility study to determine if the economic zones could benefit both the local and national economy.

Should the study reveal favorable results for the economic zone, Balisacan said that it should be allowed to operate. 

“We must deploy our scarce in where they can get the most benefits, and to ensure that that is achieved, we require. We must present a feasibility study,” Balisacan said. 

As per the The Special Economic Zone Act of 1995, these areas (dubbed as ecozones) are chosen based on its development or its potential to be developed as an attraction for investors. Ecozones could become a center for the following industries: agro-industrial, industrial tourist/recreational, commercial, banking, investment and financial centers. 

They could also contain a “free trade zone”, which the law described as “an isolated policed area adjacent to a port of entry (as a seaport) and/or airport where imported goods may be