CEBU, Philippines - The Investment and Capital Corporation of the Philippines (ICCP) is eyeing the declared Special Economic Zone in Bogo City as expansion area of the already congested Mactan Export Processing Zone (MEPZ).
Bogo City Planning and Development Coordinator Carlo Fernando Logarta said that representatives of ICCP have already inspected the site weeks ago.
An existing 40 hectares of flatlands at the Polambato area was declared a Special Economic Zone through Proclamation No. 239 by then President Joseph Estrada in 2002.
Logarta said that the ICCP tried to evaluate the said property owned by the Fernan family in Bogo City although it is just too small for what they need, which is at least 100 hectares.
The area is ideal for light to medium industries and with immediate access to the port of Polambato and the major road networks of the province.
Logarta said they are now trying to conduct an inventory of neighboring properties within the economic zone and to negotiate for the possible sale of the property.
Despite declaration as economic zone, the area is still planted with sugarcane, said Logarta.
“They are interested because of existing facility, the port, and we are building the City Hall in the area,” Logarta said.
The City Government intends to develop the area nearby the economic zone.
Bogo City Mayor Celestino Martinez Jr. said a company already expressed interest to put up a mall in the area where the ongoing construction of the new city hall is located.
Logarta said they are now complying with the list of requirements the ICCP gave them and already submitted some documents for evaluation of the ICCP Board.
Martinez hopes to materialize the economic zone in the city before his term as mayor will end in 2016.
He assured that locators in the zone will, as a matter of privilege, be entitled to liberal fiscal and non-fiscal incentives as provided in the Revenue Code of the City of Bogo. — (FREEMAN)