New ecozone in Surigao del Sur to lure Chinese investors- Johnny Pimentel

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Surigao del Sur Rep. Johnny Pimentel has proposed the establishment of a special economic zone in Bislig City to help bring in fresh foreign investments, including those from the People’s Republic of China.

In filing House Bill 2672, Pimentel said a special economic zone in Bislig City will “drive employment and consumption growth and overall economic expansion” in Mindanao in general and in Caraga in particular.

“We are hoping to attract Chinese investors to build factories in the economic zone, considering our government-to-government as well as people-to-people relations with China have warmed up owing to President Duterte’s independent foreign policy track,” he said.

Located some 208 kilometers northeast of Davao City, Bislig is one of the two component cities of Surigao del Sur – the other being the provincial capital Tandag.

Caraga groups the provinces of Surigao del Sur, Surigao del Norte, Agusan del Sur, Agusan del Norte and Dinagat Islands.

Pimentel said having new economic zones in Visayas and Mindanao will ensure a more equitable distribution of opportunities and wealth across the country.

Under the bill, investors in the Bislig City economic zone shall enjoy income tax holidays and waiver of taxes and duties on imported capital equipment and machinery, among other financial incentives.

Foreigners who invest at least $150,000 (P7.4 million) in cash or equipment in any enterprise located in the economic zone shall also enjoy visa and residency privileges, along with their immediate family members.