Province-wide ecozone bid gains support from bankers

The proposal to transform the entire province of Cebu into an economic zone has gained support from the Cebu Federation of Rural Banks (CFRB).

CFRB president Enrique Abellana said this plan could help the rural banks in the countryside, as most of which now have stagnant or declining customer base because of depressing agriculture performance in the rural areas.

"The government should come up with enticement facility or investment attraction in the countryside. The plan to make the entire Cebu province an economic zone is a good development," Abellana said.

The Cebu Chamber of Commerce and Industry (CCCI) has created a study group to pursue a comprehensive feasibility probe and benchmarking activities to support its plan making the entire Cebu an economic zone province.

The CCCI Cebu province-wide economic zone study group is headed by the chamber's past president Geronimo Sta. Ana.

Although, the concept entails hard work and pro-active series of advocacy, which initially steered unfavorable acceptance from the local government units (LGUs) especially in Cebu City, because of decreased tax revenue issues, the chamber is optimistic that it can push through the idea into realization.

However, for the private sector's side, this plan could give a "ray of hope" to countryside traders, like the bankers.

Abellana said one of the problems faced by the rural banks with operations located in the different towns of the Cebu province, is how to find other consumer sources, and government's help to invite factories and push entrepreneurial attitude to residents can boost rural banks' businesses in the countryside.

"What happens now is, there are no employable skills in the towns, all of them are migrating to the metro cities, thus most towns are left with agriculture and fisheries as their main source of livelihood, rather than being employed," Abellana said.

He said some pronouncements from the government like fishing ban, other calamities, have brought difficulties for the rural banks to attract depositors and expand businesses.

"The harvest now is not enough, it's below average, farmers need help in terms of alternative livelihood," Abellana said.

CCCI president Francis O. Monera said the chamber would find a way to get funding sources, especially from international funding agencies on this project, as it is seen to bolster economic growth, not only in selected cities and towns in Cebu province, but province-wide.

This will be the time that far-flung and sleepy towns will be able to attract investments, while providing residents with employment opportunities, and possible economic difficulty relief.

In the Philippines, economic zones are only contained in identified areas, such as the Mactan Export Zone (1 and 2), wherein locators enjoy tax holidays and other fiscal perks.

The chamber's initiative in pushing a province-wide economic zone concept in Cebu is to distribute investment opportunities not only in the urban and sub-urban areas, but also in remote towns, where other industry investors can set up plants, and business operations.