Bacolod Rep. Greg Gasataya said his House Bill No. 10284 that seeks to establish a special economic zone in the city, through the creation of the Bacolod Economic Zone Authority, has been approved by the Senate Committee on Economic Affairs Jan. 11.
“We filed this bill in 2019, aiming to propel and strengthen the local economic scene and provide employment to Bacolodnons as a product of our conversation with Senate Minority Leader Franklin Drilon about our vision for the development of Bacolod City,” Gasataya said.
He added that the establishment of a Special Economic Zone and an Economic Zone Authority in Bacolod will provide economic incentives to motivate both local and foreign investors to invest and boost the local commercial scene.
This will further provide employment, business opportunities, export and comparative advantage opportunities, more competitive wages, and an increase in land and property valuation, the solon said on his Facebook post Jan. 11.
It will also provide opportunities for graduates and skilled workers of scholarship programs to seek employment in the city as opposed to migrating.
“As we recover from the pandemic, it is also imperative that we propose measures to stimulate economic activities,” Gasataya said.
He noted that the impact of economic zones in local economies is evident in existing ecozones. He cited that the Zamboecozone’s investments surged to P9.7 billion in 2015 from only about P9.8 million in 2014, the Bataan Export Processing Zone at P6.2 billion in 2015 from P390 million in 2012, and the apparent developments in Cavite and Clark, spurred by their respective economic zones.
“We are hoping that the establishment of our own ecozone and its careful implementation would result in the same kind of economic growth in Bacolod City,” Gasataya said.
He thanked Senate Committee on Economic Affairs chairperson, Senator Imee Marcos, Drilon, House Committee on Economic Affairs chairperson, Rep. Sharon Garin, and his colleagues in Congress for their support to his proposal. | NND
