This was announced yesterday by Trade and Industry Secretary Cesar V. Purisima who said that Presidential Proclamation No. 626 was recently signed by President Arroyo.
Presidential Proclamation No. 626 creates and designates the so-called parcels of land situated at the FTI Complex as a special economic zone pursuant to Republic Act No. 7916 as amended by Republic Act No. 8748.
According to Purisima, the government wants to encourage export-oriented activities in the surrounding areas of the FTI Complex and at the same time stimulate more business ventures in the country’s ecozones to improve income and create more jobs.
Special ecozones are selected areas with highly-developed or which have the potential to be developed into agro-industrial, tourist, recreational, commercial, banking, investment and financial centers.
Business establishments operating in the ecozones are entitled to fiscal incentives and enjoy tax benefits and holidays not ordinarily enjoyed by business enterprises located outside the designated ecozones.
The special ecozone in Taguig consists of an aggregate area of 243,961 square meters.
Among the existing locators in the FTI area are PSI Technologies, Inc.; Vishay Phils. Inc.; Temic Automotive Phils. Inc.; Team Pacific Corp. and PSPIC Corp.
Other locators include Skyfreight Corp., a logistics and warehouse freight forwarder and two garments firms – Triump Philippines, Inc. and Penn Philippines.
FTI’s main business concern is to maintain and operate a general market for producers, manufacturers and traders, while its secondary purpose is to engage in real estate development.
FTI started out, however, as an agricultural warehouse/food processing/wholesale and retail center which never really took off.
Government tried to privatize the property but there were no takers.
It eventually attracted electronics and semiconductor firms. – Marianne Go