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HomeThe NewsNews FlashCotabato City pushes for the establishment of an economic zone

Cotabato City pushes for the establishment of an economic zone

16386991_584858725046142_1473411110702536085_nCity Mayor Atty. Frances Cynthia J. Guiani-Sayadi attends the Mindanao Ecozone Summit held in Davao City to learn more about the requirements and mechanisms on how to establish an economic zone in Cotabato City.

The city is one of the key places considered by the Philippine Economic Zone Authority to be the "corridors" of Mindanao to the world. It also has the land area, the sea area, and health economic activity that are all needed in order for an economic zone to survive.

But what is an economic zone, you might ask?

In a nutshell, an economic zone is a place where business and trade laws are different from the rest of the country. It is called a "special economic zone" because investors can avail of perks like tax holidays, tax and duty free importation of raw materials, among others. This is one of the strategies that can attract more foreign investors to invest directly to a certain city/municipality.

Once Cotabato City can establish its own special economic zone, the biggest impact will be to the constituents as this will open THOUSANDS OF JOB OPPORTUNITIES. Aside from that, Cotabato City will also be a business destination not just of local companies but also of foreign ones.

The city government, through the efforts of City Mayor Guiani-Sayadi has been in constant communication with the agencies that can help Cotabato City to have its own ecozone. It has also been studying the type of ecozone that is most feasible and has been preparing all necessary documents for the application required by the PEZA.

This project will be more strengthened with the establishment of the city's sea port, a project of the Philippine Ports Authority.

Seen with Mayor Atty. Frances Cynthia J. Guiani-Sayadi is PEZA Director General BGen. Charito Plaza.

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