Makati wants to copy Singapore

Makati Mayor Jejomar Binay is aiming to convert the country’s financial district into a special economic zone modeled after Singapore.

In an interview with reporters at the Dell International Services contact training center launch yesterday, Binay said converting the entire City of Makati into a special economic zone would enable it to be run more professionally as a business center, with the mayor morphing into a professional corporate manager.

Transforming Makati into a special economic zone, however, could involve a charter change or would require an application for conversion with the Philippine Economic Zone Authority (PEZA), Binay said.

As a special economic zone, the entire city of Makati would then be able to provide fiscal and non-fiscal incentives to locators such as income tax holidays.

Binay said the city would likewise be able to sell its government-owned schools and hospitals which would then be run more professionally and efficiently and raise much needed revenues.

Board of Investments (BOI) managing head Elmer C. Hernandez pointed out that such a conversion may be possible since Quezon City has already embarked on a partial conversion into a special economic zone.

Such a petition, though, Hernandez said, may either be directed to Malacañang or PEZA.

Makati recently upset its business community when it tried to raise taxes. Fortunately, Binay said, that issue has been resolved. — Marianne Go