Vol. XXI, No. 229 [ BusinessWorld Online ]
Monday, June 23, 2008 | MANILA, PHILIPPINES
THE HOUSE of Representatives special committee on the East ASEAN Growth Area (EAGA) has identified the crafting of a law that will promote investment in Mindanao and Palawan, under the EAGA concept, as its top priority when the second regular session of the 14th Congress starts next month.
In the committee’s meeting last week, chairman Agusan del Norte Rep. Edelmiro A. Amante (2nd District) said "the EAGA-identified regions of Mindanao and Palawan are being eyed as major locations of high value-added agro-industry, natural resource-based manufacturing and high-grade tourism as well as non-resource-based industries."
But he said a law providing perks for such investments in Palawan and Mindanao would be needed. "We have to promote these regions through a legislation that would, perhaps, grant travel packages and investment incentives to investors and tourists. We should prioritize the approval of this law when the session resumes," he said.
Formed in 1994 by the government of Brunei Darussalam, Indonesia, Malaysia and the Philippines, EAGA consists of Brunei Darussalam; Kalimantan, Sulawe-si, Maluku and Irian Jaya in Indonesia; the states of Sabah and Sarawak and the Federal Territory of Labuan in Malaysia; as well as Palawan and Mindanao in the Philippines. The EAGA concept aims to pool efforts and resources in these areas — some of the poorest in ASEAN, except Brunei — in order to help them catch up with the more prosperous centers in these same countries.
During the meeting, committee member Cagayan de Oro Rep. Rufus B. Rodriguez (2nd District) said he would file this month a bill seeking to create an EAGA Philippines Council — a permanent body that will push for increased trade, commerce and security cooperation among the countries involved.
The Mindanao Economic Development Council, under the Office of the President, proposed in a letter to the House committee a Special Philippine EAGA law that will provide tax holidays and tariff discounts for trade and investments in Palawan and Mindanao, as well as travel tax exemptions to air and sea travelers from Mindanao and Palawan to any destination in EAGA. — ETM
________________________________________________________________________
