MANILA, Philippines — President Marcos has expanded the West Cebu Industrial Park by designating several parcels of land in Balamban, Cebu for inclusion into the special economic zone.
The parcels of land are located at Barangays Arpili and Buanoy, and have an aggregate area of 176,783 square meters, according to Proclamation No. 710 signed by Executive Secretary Lucas Bersamin by the authority of Marcos last Oct. 16.
The proclamation was issued upon the recommendation of the board of directors of the Philippine Economic Zone Authority (PEZA) and covers 19 lots.
The West Cebu Industrial Park is operated by the Cebu Industrial Park Developers Inc., a joint venture between Philippine conglomerate Aboitiz Group and Japan’s Tsuneishi Group.
The PEZA special economic zone hosts a variety of global enterprises employing over 14,000 skilled Filipinos across medium to heavy industries, according to the website of Aboitiz InfraCapital Economic Estates.
PEZA gives fiscal and non-fiscal incentives to registered business enterprises depending on the location and industry priority. Fiscal incentives include income tax holiday of four to seven years and availment of special corporate income tax rate of five percent or enhanced deductions for 10 years for export-oriented firms; and income tax holiday of four to seven years and availment of enhanced deductions for five years for domestic market enterprises.