NextGen Day

CITY OF LAOAG – The province of Ilocos Norte is hoping to get approval from the Philippine Economic Zone Authority (PEZA) to create a new special economic zone (SEZ) at Fort Ilocandia in Calayab village.

Ilocos Norte currently contains at least two ecozones: the Valdez center in San Nicolas town and the Mariano Marcos State University’s Batac City campus.

The provincial planning and development officer of the Ilocos Norte government, Pedro “Pete” Agcaoili Jr., revealed this on Monday after a public consultation on the province’s development and physical framework plan.

A special economic zone (SEZ) is a designated area that is highly developed or has the potential to become a development center in order to attract foreign direct investment or boost chances for trade balance, employment, and infrastructural development.

“The creation of ecozones in various sections of the province is one of the present administration’s top priorities,” Agcaoili stated.

Businesses operating in the ecozones are eligible for tax incentives, as well as tax breaks and vacations, once they have been approved. To make Batac City more accessible to Ilocanos, a SEZ Institute was developed early on.

Since then, the site has been used to give various skills training and research in order to ensure that every Filipino becomes a world-class worker.

In the Philippines, there are 406 economic zones in operation, with over 4,600 businesses benefiting from tax breaks.

The PEZA is a Department of Trade and Industry-affiliated agency tasked with promoting investments, extending assistance, registering, awarding incentives, and facilitating the business operations of investors in export-oriented manufacturing and service facilities located in specific areas across the country.

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