The Senate Committee on Economic Affairs has approved the proposed House Bill No. 10284, establishing a Special Economic Zone and the Bacolod Economic Zone Authority, Bacolod lone district Congressman Greg Gasataya said.
The bill which Gasatya authored in the House of Representatives in 2019 aims to propel and strengthen the local economic scene and provide employment to Bacolodnons. The congressman said this was a product of his conversation with Senate Minority Leader Franklin Drilon about the vision for the development of Bacolod City.
The establishment of a Special Economic Zone and an Economic Zone Authority in our city will provided economic incentives to motivate both local and foreign investors to invest in our city and boost the local commercial scene, Gasataya explained in an update posted on his Facebook page.
SEE RELATED STORY: Congress approves bill creating Bacolod ecozone
He stressed: “As we recover from the pandemic, it is also imperative that we propose measures to stimulate economic activities.”
According to the solon, the ecozone will further provide employment, business opportunities, export and comparative advantage opportunities, more competitive wages, and an increase in land and property valuation, adding that it will also provide opportunities for graduates and skilled workers of the city’s scholarship programs to seek employment in the local scene as opposed to migrating.
Once it’s passed into law, BSEZA will have an initial capitalization of two billion (2,000,000,000) no par shares with a minimum of Ten pesos (Php10.00) per share, with the majority shares to be subscribed and paid for by the national government and the local government units embracing the Ecozone.