‘Massive investments’ with Cedz

By Mia A. Aznar

Sunday, November 13, 2011

IF THE Cebu Economic Development Zone (Cedz) is created, the positive effects will be felt in the long term.

Board of Investments (BOI) Governor Geronimo Sta. Ana said that the creation of the Cedz will be different from how the Mactan Export Processing Zone works because it will be independent from the Philippine Economic Zone Authority and the BOI.

Sta. Ana, who is the governor representing the private sector, admitted that it will be a headache for the Department of Finance, as it will not get as much revenue from Cebu, but he said this will pave the way for new “massive investments.”

He said that with massive investments come multiplier effects in employment and other economic activity.

While Rep. Tomas Osmeña is against the inclusion of Cebu City, Sta. Ana named Reps. Eduardo Gullas and Ramon “Red” Durano IV as pushing for the revival of the bill in Congress.

Osmeña earlier said there will be a conflict of interest as the private sector will compose the board of the governing body. He said they will not be accountable to the public.

Sta. Ana, a past president of the Cebu Chamber of Commerce and Industry, said the creation of Cedz would help bring down the cost of doing business, benefitting exporters and the manufacturing and services sectors.

The Cebu Chamber of Commerce and Industry has assured it will continue pushing for the measure.

Local business leaders said areas declared economic zones have seen a surge in investments and create the right business environment to attract more investors.

CCCI past president Francis Monera earlier cited as an example the success of Hainan Province in China, which is now the country’s largest ecozone.

Published in the Sun.Star Cebu newspaper on November 14, 2011.