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|Subject: 39 Ecozones Fri Sep 16, 2011 11:13 am|| |
As of December 31, 2001, the Philippines had 4 public ecozones and 35 private ecozones supervised by the Philippine Economic Zone Authority (PEZA). These excluded the Subic Bay Freeport, Clark Development Corp. and business zones administered by the Board of Investments.
The Philippines maintain these special economic zones to lure foreign capital by dangling fiscal perks and other incentives like a six-year income tax holiday. In the year 2000 alone, foreign and local firms were able to get as much as P15 billion in combined fiscal incentives, or almost a third of P45 billion total corporate tax collection during that year.