House OKs Camarines Norte economic zone bill on 2^nd reading

THE House of Representatives on Wednesday approved on second reading a bill establishing a special economic zone in the province of Camarines Norte.

In a voice vote, lawmakers agreed to House Bill (HB) No. 11200, which will create an economic zone in Jose Panganiban municipality in the province located southeast of the Philippine capital. A presidential proclamation would dictate the bounds of the Camarines Norte ecozone.

The bill would create the Camarines Norte Special Zone Authority (CNSEZA) to govern the province’s ecozone. It would have the power to supervise and regulate companies “in an efficient and decentralized manner.”

CNSEZA would have an authorized capital stock of P2 billion, with a minimum issuance price of P10 per stock. Its majority share should be subscribed by the national government and the local government units covering the ecozone.

HB No. 11200 authorizes CNSEZA to grant investor’s visas to foreigners who invest $200,000 “in a registered enterprise, either in case of equipment.” — Kenneth Christiane L. Basilio