President Rodrigo Duterte has given the greenlight to build an Information Technology (IT) center special economic zone at Emilio Aguinaldo Highway, Barangay Talaba VII in Bacoor City, Cavite.
Duterte signed Proclamation 1196 on Thursday, August 5 but Malacañang released it to the media only on Friday.
Under the proclamation, the special ecozone would be named “CBC Asia Technozone” which would have a gross floor area of 50,277.76 square meters and lot area of 7,000 sqm.
In 2019, Duterte approved the creation of another IT special economic zone named “VistaHub BPO Molino” along Daang Hari Road, Molino IV in the city.
Both were recommended by the Board of Directors of the Philippine Economic Zone Authority (PEZA).
Enacted in 1995, the Special Economic Zone Act defines a special economic zone or ecozones as “selected areas with highly developed or which have the potential to be developed into agro-industrial, industrial, tourist/recreational, commercial, banking, investment and financial centers.”
The same law provides that an ecozone may contain any or all of the following: industrial estates, export processing zones, free trade zones, and tourist/recreational centers.