Economic Zone Proposed
A comprehensive economic zone with a free taxation system could attract billions of dollars in foreign investments, generate millions of jobs for Filipinos, make the country globally competitive, and wipe out in no time the Philippines' budget deficit which, according to the Department of Budget and Management (DBM), could reach P100 billion this year.
Makati City business executive Modesta Rosario Sabeniano, who just arrived from Switzerland where she met with Swiss bankers for the construction of a 32-story condomium-hotel on Roxas Blvd., said the establishment of an economic zone with a free taxation system would make the country one of the most attractive investment areas in the world.
"With foreign investments pouring in, there will be chain of economic activities in the country, resulting in bigger income for the government, jobs for Filipino workers, and entrepreneurial opportunities for businessmen and traders," Sabeniano said.
Sabeniano, who ran for president in 1998, said her proposal is similar in various aspects with those of Hong Kong and Singapore which have free ports of entry, but are better because of their free taxation system.
She pointed out that a free taxation system in a certain economic zone would not in anyone reduce the income of the government because the increase of cash capitalization for global usage would correspondingly augment local economic activities that would bring about growth and progress. …