BACOLOD City – The House of Representatives approved on the third and final reading House Bill (HB) No. 5440 establishing the Bacolod Economic Zone Authority (BEZA).
HB 5440 aims to create special economic zones and a governing body that will generate employment for the Bacolodnons, according to Cong. Greg Gasataya who authored the bill.
Both foreign and local investors may also participate in industries in Bacolod such as manufacturing, which in turn would entail more competitive wage rates, said Gasataya.
“We filed this bill in 2019 as existing economic zones in Clark and Cavite have shown promise in local economic, social and cultural growth. Through this bill, we will be able to further propel growth for Bacolod,” Gasataya said.
Bacolod has the amenities to accommodate both local and foreign investments and further economic growth with little to no congestion issues in comparison to other metropolitan areas, according to Gasataya.
A copy of HB 5440 has been received by the Senate.
“We are working out and following up within the week the bill with the committee it was assigned. It’s either they will adopt the bill I filed or introduce some amendments,” Gasataya said./PN
