’23 lifting of ban on new economic zones praised

ASENIOR lawmaker has expressed optimism that the lifting of the 5-year government moratorium on new special economic zones (SEZS) will pave the way for the establishment of more investorfriendly hubs nationwide.

Camarines Sur Rep. Luis Ray F. Villafuerte Jr. said he expects last year’s easing of the moratorium to lead to the creation of additional hubs that are favorable to investors. This would include the proposed SEZ in his home province.

Villafuerte quoted the National Economic and Development Authority as believing more jobs and investments must be generated outside Metro Manila for the economy to grow a lot faster.

The senior lawmaker said he is convinced that a potent method for generating plentiful employment and fostering investment prospects beyond the capital city, thereby stimulating growth at a regional level, involves the establishment of additional SEZS in areas capable of drawing both domestic and foreign investments.

Villafuerte highlighted the proposal for an SEZ in Camarines Sur, noting that the 19th Congress could facilitate its establishment.

He stressed that such a move aligns with the objective of fostering livelihoods and investment prospects beyond major urban centers like Metro Manila, Cebu and Davao, by advancing a longstanding bill advocating for the creation of an SEZ in the province.

Referring to House Bill (HB) 3681, which aims to establish the Camsur Free Trade Zone, Villafuerte emphasized its potential to invigorate the Bicol region and contribute to government’s goal of fostering an investment-friendly environment conducive to creating quality jobs.

In underscoring the significance of job creation in Camarines Sur and the wider Bicol region through the proposed SEZ, Villafuerte highlighted its potential to not only drive regional growth and development but also to incentivize Bicolanos to remain in their respective provinces, thus supporting the government’s dual objectives of decongesting the National Capital Region (NCR) and fostering countryside development.

Apart from Camarines Sur, Bicol comprises the mainland provinces of Albay, Camarines Norte and Sorsogon, as well as the island provinces of Catanduanes and Masbate.

The former Camarines Sur governor underscored the legal compliance of the proposed Camsur Free Trade Zone, stressing its alignment with PEZA requirements for SEZS. He highlighted existing Peza-approved zones in Camarines Sur, such as the Camsur Information Technology Park (CSTIP) and the Tourism Ecozone Zone, as indicative of the province’s readiness to support economic development initiatives.