Batangas property declared as ecozone

MANILA, Philippines — President Marcos has declared a property in Malvar, Batangas as part of the Lima Technology Center-Special Economic Zone.

The declaration was contained under Proclamation 639 signed by Executive Secretary Lucas Bersamin by the authority of the President on July 26.

The property, located in Barangay Bagong Pook, has a total area of 98,340 square meters.

The inclusion of the property in the Lima Technology Center-Special Economic Zone was pursuant to Republic Act 7916 or the Special Economic Zone Act of 1995 as amended by RA 8748.

RA 7916 defines special economic zones as select areas that are highly developed, or with the potential to be developed into agro-industrial, industrial, recreational, commercial, banking, investment and financial centers.

Areas may be established as ecozones through a proclamation issued by the President, and subject to the evaluation and recommendations of the Philippine Economic Zone Authority following a detailed feasibility and engineering study.

Companies operating in ecozones are given tax and other financial incentives to help bring down the cost of manufacturing or production.