GMA certifies 2 urgent bills to benefit Clark investors

CLARKFIELD, Pampanga — President Arroyo announced here recently that she has certified as urgent two bills granting tax privileges and tax amnesty to investors at the Clark special economic zone.

The President also assured some 300 investors at Clark that she is set to place the special economic zone under the Philippine Economic Zone Authority (PEZA) as soon as all documentary requirements are completed by the Clark Development Corp. (CDC) and the Bases Conversion Development Authority (BCDA).

"We have a bill already passed in the House ways and means committee and ready for floor defense that will give Clark investors the same incentives as those enjoyed by investors at the Subic Bay Metropolitan Authority (SBMA)," Mrs. Arroyo said in a media interaction held here recently.

House Bill 4901 proposes amendments to Republic Act 7227 of the Bases Conversion Act so that Clark and other former US military bases declared as economic zones could be granted tax privileges enjoyed by investors at the Subic Freeport. On the other hand, House Bill 4900 provides tax amnesty to investors amid the Supreme Court ruling that RA 7227 grants tax perks cover only to Subic.

Both bills were authored by Tarlac Rep. Jesli Lapuz.