MANILA – President Rodrigo Duterte has signed a proclamation creating an Information Technology Center Special Economic Zone in Bacoor City, Cavite.
Proclamation 1196, signed by Duterte on Thursday and released to the media on Friday, also designated a building that would be named CBC Asia Technozone.
The planned special economic zone will be situated along Emilio Aguinaldo Highway, Barangay Talaba VII in the city.
It will have a gross floor area of 50,277.76 square meters situated in a land area of 7,000 square meters.
The President created the special economic zone at the recommendation of the Board of Directors of the Philippine Economic Zone Authority (PEZA).
Special economic zones are defined in Republic Act 7916 or The Special Economic Zone Act of 1995 as "selected areas with highly developed or which have the potential to be developed into agro-industrial, industrial tourist/recreational, commercial, banking, investment, and financial centers.”
An ecozone may contain any or all of the following: industrial estates, export processing zones, free trade zones, and tourist/recreational centers. (PNA)
