MANILA, Philippines - Local and foreign investors are encouraged to set up operations in General Santos City’s new economic zone to take advantage of growth opportunities in the area.
In a statement, the Philippine Exporters Confederation Inc. said locating in the new economic zone will allow firms to take advantage of economic benefits.
The GenSan Economic Zone was designated as a Special Economic Zone under the Philippine Economic Zone Authority by President Aquino through Proclamation 820 dated July 3.
The 50-hectare economic zone is expected to contribute to the goal of achieving inclusive growth in the countryside, particularly in Mindanao.
As SOCSKSARGEN (South Cotabato, Sultan Kudarat, Sarangani, General Santos City) is seen to be a strategic location in the East Association of Southeast Asian Nations Growth Area, the new economic zone is expected to attract investments from the region’s member states and even other countries.
The GenSan Economic Zone is being promoted as the premier manufacturing economic zone in the Southern part of the country.
The new economic zone located in Brgy. Tamber in General Santos City is within a five-kilometer distance from key ports such as Makar Wharf and General Santos City Fishport Complex as well as the General Santos International Airport.
Investors planning to locate in the economic zone could enjoy income tax holidays (ITH) for four years, extendable up to eight years.
Locators are also entitled to five-percent special tax on gross income and exemption from all national and local taxes upon expiry of their ITH.
The economic zone likewise allows 100-percent foreign ownership of enterprise.
Damalerio Realtors Inc., the developer and operator of the GenSan Ecozone, has started the construction and upgrade of vital infrastructure support facilities and utilities in the area.