ID :
176027
Mon, 04/18/2011 - 07:37
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Shortlink :
https://oananews.org//node/176027
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Palawan Marked As Growth Hub In Eaga
KOTA KINABALU (Bernama) - Palawan, an island province of the Philippines, has been marked as a growth hub in the Brunei Darussalam-Indonesia-Malaysia-Philippines-East Asean Growth Area (BIMP-EAGA) and considered one of the sub-region’s development priority areas.
Palawan’s proximity to East Malaysia state of Sabah is also key to its participation in the EAGA. Brooke’s Point is closer to Kudat, Sabah, with a distance of only 125 nautical miles or 232 km, than to Manila and Cebu.
Sec. Luwalhati Antonino, chairperson of the Mindanao Development Authority (MinDA) board, said as part of the EAGA focus areas, Southern Palawan holds viable potential for increased trade with the Asean countries.
In this respect, a proposed bill creating the Southern Palawan Special Economic Zone and Free Port Authority got an endorsement from the Mindanao Development Authority (MinDA) Board during the 2nd MinDA Board Meeting held in Davao City, Mindanao, on March 31.
A statement issued by MinDA, here Monday, said that House Bill 4363 seeks for the creation of the Southern Palawan Special Economic Zone and Free Port (SPSEZ) as well as a body corporate or an authority to administer its operations, appropriating the funds thereof and for other purposes.
The bill offers a package of fiscal and non-fiscal incentives to attract prospective foreign and local investors in order to fully maximise the development potential of the province and the region as well.
Meanwhile, Rep. Ma. Rachel Arenas, chair of the House Committee on BIMP-EAGA affairs and author of the bill, said that they are looking at the municipality of Brooke’s Point as the initial development area of the proposed ecozone.
Brooke’s Point’s strategic location provides an effective hub for trade and investment with neighbouring countries like Malaysia and Indonesia.
"There are neighbouring municipalities that could later link up with Brooke’s Point and would enjoy the same benefits of the port," Arenas said, while highlighting the proposed ecozone and freeport’s contributions to promoting tourism and employment in the region, as well as in improving the government’s revenue generation.
Arenas said once the bill is passed into law, the improvement and
conversion of the existing port in Brooke’s Point into an Ecozone and Freeport, will lay the groundwork for encouraging increased capital investments for progress and development.
To date, the bill has already been filed for primary referral in the Committee on Economic Affairs and for secondary referral in the Committee on Trade and Industry.
Palawan’s proximity to East Malaysia state of Sabah is also key to its participation in the EAGA. Brooke’s Point is closer to Kudat, Sabah, with a distance of only 125 nautical miles or 232 km, than to Manila and Cebu.
Sec. Luwalhati Antonino, chairperson of the Mindanao Development Authority (MinDA) board, said as part of the EAGA focus areas, Southern Palawan holds viable potential for increased trade with the Asean countries.
In this respect, a proposed bill creating the Southern Palawan Special Economic Zone and Free Port Authority got an endorsement from the Mindanao Development Authority (MinDA) Board during the 2nd MinDA Board Meeting held in Davao City, Mindanao, on March 31.
A statement issued by MinDA, here Monday, said that House Bill 4363 seeks for the creation of the Southern Palawan Special Economic Zone and Free Port (SPSEZ) as well as a body corporate or an authority to administer its operations, appropriating the funds thereof and for other purposes.
The bill offers a package of fiscal and non-fiscal incentives to attract prospective foreign and local investors in order to fully maximise the development potential of the province and the region as well.
Meanwhile, Rep. Ma. Rachel Arenas, chair of the House Committee on BIMP-EAGA affairs and author of the bill, said that they are looking at the municipality of Brooke’s Point as the initial development area of the proposed ecozone.
Brooke’s Point’s strategic location provides an effective hub for trade and investment with neighbouring countries like Malaysia and Indonesia.
"There are neighbouring municipalities that could later link up with Brooke’s Point and would enjoy the same benefits of the port," Arenas said, while highlighting the proposed ecozone and freeport’s contributions to promoting tourism and employment in the region, as well as in improving the government’s revenue generation.
Arenas said once the bill is passed into law, the improvement and
conversion of the existing port in Brooke’s Point into an Ecozone and Freeport, will lay the groundwork for encouraging increased capital investments for progress and development.
To date, the bill has already been filed for primary referral in the Committee on Economic Affairs and for secondary referral in the Committee on Trade and Industry.
