Marcos lifts Duterte ban on new economic zones in NCR —DTI

President Ferdinand ”Bongbong” Marcos Jr. has lifted the moratorium on the creation of new economic zones in Metro Manila, more than seven years after it was imposed.

This development was bared by Trade Secretary Cristina Roque in a statement on Tuesday, saying “the Department of Trade and Industry (DTI) welcomes the Office of the President’s decision to officially lift the Administrative Order No. 18 (AO 18) moratorium on IT ecozone expansion in Metro Manila.”

AO 18, issued by former President Rodrigo Duterte in June 2019, aimed to accelerate rural progress through the development of more special economic zones in the countryside.

To complement this, Duterte imposed a moratorium on the processing of applications for economic zones in Metro Manila.

Special economic zones (SEZs) are 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. Enterprises located in SEZs enjoy special tax perks such as income tax holiday and reduced corporate income tax rates.

“This major policy reform is a resounding victory for the IT-BPM sector and a decisive step forward in strengthening the Philippines' position as a premier global destination for digital services,” Roque said.

“By reopening the NCR to new IT ecozones and targeted expansion, we are addressing long-standing investor demand, unlocking significant real estate opportunities, and revitalizing the ecosystem that drives our country’s digital economy,” she added.

The Trade chief described Marcos’ lifting of AO 18 as a “testament to the strong collaboration between the DTI, the Philippine Economic Zone Authority (PEZA), and our industry stakeholders who strongly advocated for this reform.”

“As we open new avenues for growth in Metro Manila alongside our continuous push to develop regional IT hubs, we are positioning the IT-BPM sector to generate thousands of high-quality jobs, attract foreign direct investments, and ensure economic growth nationwide,” Roque said

“We invite our global partners and prospective investors to take full advantage of this renewed momentum and build their future here in the Philippines,” she said.—AOL, GMA News