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Wednesday, May 24, 2006
CCCI gains GMA’s nod on ecozone proposal
President Arroyo has encouraged the Cebu Chamber of Commerce and Industry (CCCI) to pursue its project to make the entire Cebu province an economic zone (ecozone).
CCCI president Francis Monera said President Arroyo has agreed with the chamber that “whatever loss on taxes and revenues the government will incur in making Cebu an ecozone will be offset by a more vigorous economic activity.”
Work closely
Arroyo was in Cebu to induct newly-elected officers and board of trustees of the CCCI yesterday.
The President had also inducted the previous set of CCCI officers.
Monera said the President told the CCCI that since the local governments are the ones that will give incentives to ecozone locators, the chamber should work closely with them.
“The President said the Cebu LGUs (local government units) can help design the incentives,” Monera said on the sidelines of CCCI’s induction of officers at the Cebu City Marriott Hotel.
Study
In an earlier interview, Monera said the first board resolution that was passed under his administration moves for the creation of a team that will study the possibility of converting the entire province into an ecozone.
Firms located in ecozones enjoy income tax holidays. They also have the option to pay a special five percent tax on gross income instead of national and local taxes except.
Ecozone locators, though, are still required to pay real property taxes. (JBN)
For Bisaya stories from Cebu. Click here. (May 24, 2006 issue)
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