Bill creating Cebu economic zone OK’d by House panel

Vol. XXI, No. 145-A [ Business World Online ]
Saturday, February 23, 2008 | MANILA, PHILIPPINES

CEBU CITY — The House committee on economic affairs has approved a bill proposing to declare the entire province of Cebu as a special economic zone.

Deputy Speaker Raul V. del Mar, main proponent of the bill, said the measure was approved on Thursday. It will be forwarded to the appropriation and ways and means committees for approval because the bill calls for P1-2 billion in start-up funds from the national government.

In the meantime, Mr. del Mar said they would sit down with all city and town mayors as well as the Cebu governor to discuss the bill. The consultations will be scheduled as soon as the Cebu Chamber of Commerce and Industry (CCCI), which had initiated the proposal, completes a pre-investment study.

"We don’t want to go to plenary with the bill without the stamp of approval by the local government officials. If we don’t get their unanimity, we hope to get at least the majority of the LGUs," Mr. del Mar said. > > > [ full story ]
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