Press Release
February 2, 2008

Ecozone to stimulate trade and investment in NE Luzon

Senator Edgardo Angara today said in the Aurora Investment Summit that the special economic zone status of Aurora will open up Northeastern Luzon's abundant natural resources and stimulate trade and investment in these areas.

The summit is currently held in Hotel Stotsenbeg, Clark Freeport Zone, Angeles City, and will end tomorrow, January 26.

"We see Aurora as the gateway to the Pacific, unlocking the resource-rich and fertile areas of Southern Isabela, Quirino, Nueva Vizcaya and Aurora." said Senator Angara.

"With its vast natural resource-rich terrestrial and maritime area, this quadrangle has a huge investment potential waiting to be tapped," pointed out the Senator.

"This potential shall be harnessed through the special economic zone status of Aurora, which we expect to stimulate trade and investment," he said.

A father-and-son initiative, the Aurora Special Economic Zone Area in Casiguran was created through a bill sponsored by Rep. Juan Edgardo Angara in the House of Representatives and by Senator Angara in the Senate.

"The special economic zone shall trigger trade and investment through tax incentives, and transportation and telecommunications facilities provided in the ecozone." Senator Angara said.

Enterprises registered in this zone are entitled to tax incentives such as income tax holiday, net operating loss carryover, a 5% tax rate on gross income, accelerated depreciation, capital equipment exemptions, tax and duty-free importation of source documents by information technology-registered enterprises, raw material incentives, incentives on breeding stocks and genetic materials, exemption from wharfage dues, deferred imposition of the minimum corporate income tax, tax treatment of merchandise and services in the ecozone, and employment of foreign nationals.

"The ultimate goal of this ecozone is to provide economic uplift for the people of Aurora and its adjoining provinces. By making Aurora a special economic zone, we hope to attract more investments and create more jobs for its populace," Senator Angara said.

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