Manila Bulletin Online ] August 11, 2008
DAVAO DEL NORTE -- The House Committee on Economic Affairs has approved the establishment of Special Economic Zone and Free Port in the Island Garden City of Samal that is expected to encourage foreign investors and generate more employment.
Principally authored by Rep. Antonio F. Lagdameo, Jr. (2nd district), the ecozone will provide jobs to the people here, and neighboring areas of Davao, improve their level and quality of living condition with the expected putting up of shops by foreign investors here.
Under its governing principles, Lagdameo pointed out that "the Samal Island Ecozone shall be developed into and operated as a decentralized, self reliant and self-sustaining industrial, commercial/trading, agro-industrial, tourist, banking, financial and investment center with suitable residential areas."
He said under the proposed law, foreign citizens and companies owned by non-Filipino may set up enterprises, either by themselves or in a joint venture with Filipinos in any sector of industry, international trade and commerce.
Lagdameo also proposed that the goods manufactured inside the ecozone shall be made available for retail sale in the domestic market, giving the people here the opportunity to buy any of the products made here.
